View more on these topics

Half of City workers happy with bonuses but want new jobs

Nearly half of all financial services City workers are considering changing their jobs despite earning the bonuses they wanted this year.

According to a survey by recruitment firm Morgan McKinley, 66 per cent of City workers say they were satisfied with the bonus they received but 46 per cent are planning to change jobs after the current bonus season finishes.

The number of new job numbers rose by 19 per cent in January compared with the same month last year.

Sixty-two per cent of City workers reported that they have received a higher bonus than last year and 29 per cent received a similar payout.

Only 9 per cent stated that their bonus was much lower than 2006.

The number of financial services professionals looking for a new role rose by 128 per cent in January compared with December 2006, which Morgan McKinley attributed to individuals starting to look for new roles now that bon-uses have been paid.

The average basic salary in the City increased by 5 per cent in January 2006 and 4 per cent in December 2006, rising to £50,724.

Remuneration was bolstered by a fourth straight year of strong market returns and a boom in merger and acquisition and private equity business.

Morgan McKinley chief executive Robert Thesiger says: “Although many banks have managed bonus expectations well, the research shows that employees will still move in order to take advantage of the abundance of roles and career opportunities that are curr-ently available.

“If job numbers continue to outstrip candidate supply, we are likely to see further wage inflation over the year and continued emphasis by organisations on their attraction and retention policies.”

Recommended

AIM tax reliefs to remain

The London Stock Exchange has rushed to reassure investors the current tax reliefs for AIM listed shares will continue to apply. There had been some worry within the industry that changes announced in yesterday’s Budget may affect the tax reliefs for shareholders of qualifying AIM companies, including the potential loss of IHT benefits.But an LSE […]

An echoing report

I do not know whether any of you have noticed but the world of personal finance has a way of creating amazing yin and yang-style symmetries.

Rate reasoning

The outlook for credit is broadly positive but interest rate trends present a challenge for investors.

PPP, RIP

The days of personal pension plans are surely numbered.

Risk-free path to pensions is a myth

Robin Geffen, Fund Manager and CEO Are you taking enough risk? Robin Geffen, Founder of Neptune and Manager of the top performing Global Alpha Fund, discusses the importance of accepting enough volatility in planning for retirement. Click here to read the full article Important information Investment risks The value of an investment and any income from […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com