Bonus schemes change for four out of ten in banks

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Asset managers employed by banks or boutique firms such as hedge funds are the most likely to have seen their bonus schemes amended while most of those who work for insurance companies have seen no change yet, according to a survey for online recruiter eFinancial careers.

It found 39% of fund managers have seen the introduction of bonuses based on much longer time periods of up to five years with many also seeing the potential for bonuses to be clawed back if they underperform.

Across the industry, managers are split on whether there will be further redundancies with 45% believing there will "definitely" or "probably" be more axing while 42% think there will not.

There is also a clear split between the banks and large fund managers where 56% reckon there will be more cuts as against only 27% who fear cuts among their boutique firms.

Similarly, it is the smaller firms not the large ones which are looking at recruiting over the next six months.