Bonuses jump by 20% for 2003

THOUSANDS of City workers are set to receive cash bonuses between 10% and 20% higher than this time last year, it was reported yesterday.

The biggest bonus “winners” of 2003 in the UK will be interest traders and derivatives specialists, with bankers in the traditionally glamorous areas of mergers and acquisitions only seeing a modest increase, or in some cases, no increase at all, research by Close Wealth Management (CWM) found.

Derivatives traders with as little as three years’ experience could receive bonuses of stg£300,000 or more, and top interest traders will be among the main recipients of those elusive six or seven figure bonuses.

Martin Smith, chief executive of CWM, said: “Last year up to one in five City workers did not receive a bonus.” He said healthier share prices, an increase in mergers and takeovers and a desire by banks to improve morale after job cuts was behind the upsurge in bonus payments.