Poor bonuses will prompt staff to quit

London: Nearly 50% of workers in the financial services industry consider changing jobs if annual bonuses disappoint, said recruiter Astbury Marsden, which advises companies in Europe and Asia.

Almost 45% of the 1,122 bankers surveyed said they expected bonuses to be higher this year, the London-based recruitment firm said.

Collective bonuses are likely to be less than the £7.3 billion (€8.6bn) paid last year.

“Employers could see unprecedented levels of staff attrition,” Jonathan Nicholson, managing director at Astbury Marsden, said in the statement. “We could see large numbers of staff defect to rivals.”

Pay in the sector increased 17% this year to compensate for reduced bonuses, the recruiter said.

The 45% of the workers anticipating a higher bonus this year expect it will amount to 47% of their base salary, according to the survey.