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And the average City bonus this year will be…£20k

21 October 2009
By Sarah Butcher

COMMENTS

Take of 40%, split it by twelve then add in the cost of living in London :-S Read all comments »

This may not come as particularly welcome news to anyone seeking to portray the City as a place of money crazed dissolutes grazing on the tax payer, but the average bonus isn’t very big.

According to the latest figures from the CEBR, the mean City bonus this year will be a mere £20k. The good news is that this is 60% higher than last year. The bad news is that even in great years the mean isn’t enough to retire on: in 2007 it was £28k.

Mean bonus

Source: CEBR

Needless to say, distribution is everything. Information provided by banks to Andrew Cuomo showed that 5% of employees at Goldman Sachs and 1.5% of people at Morgan Stanley received bonuses worth more than $1m last year.

Cuomo’s bonus table

Source: Attorney General, State of New York

COMMENTS

Good Health, Investment Banking / M & A, Wed 21 Oct 09

Bloody hell! That's 50% less than my last year bonus and I have just been promoted to associate. I do not understand why MO / BO people spend their life bored at the office while they could make much more money just by being a bit more entrepreneurial and setting up their own business. Even with a restaurant or a bar in Central London you can make more than £55K + a mere £20K!!!

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Pooky, Capital Markets, Wed 21 Oct 09

Take of 40%, split it by twelve then add in the cost of living in London :-S

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Yvette R, Corporate Banking, Wed 21 Oct 09

I guess the reason why MO/BO don't set up their own business is so that they can keep people like you in check!

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Poor Health, Operations, Wed 21 Oct 09

@ good health - What an idiotic comment. 1 in 3 restaurants go bust. Try getting a job back in financial services with a failed entrapirse outside of the sector on your cv and you will quickly understand the true meaning of a frustrating job search.

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Spook Street, Student, Wed 21 Oct 09

These statistics are not very relevant. How about providing the median and the quartiles instead?

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Good Health, Investment Banking / M & A, Wed 21 Oct 09

To Poor Health. What sort of nonsense are you talking about? I wonder where you get this figure about 1 in 3 restaurants getting bust. Actually the sector has been pretty resilient so far. Obviously you are some sort of BO guy that will stuck to his boring and under paid job just because you are too afraid to take some risk and also because you are unable to think out of the box ( I am not saying that all the people in MO / BO are like Poor Health however). I know people that have set up (or at least tried) to set up their own business and then came back to banking. At least it shows that you have entrepreneurial spirit and that you are hungry and no one will blame you for that.

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Bill, Credit, Wed 21 Oct 09

These numbers compare apples with oranges. Goldman's investment bankers with Citigroup's cashiers. Citigroup's global markets division has no more than 20,000 people.

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