City workers eye bonuses curb escape

A survey by eFinancial Careers found 63% recognised that the City's bonus culture needs reform but 71%, would quit the UK if bonuses were drastically cut. Bankers also said they would need a big salary increase to make up for smaller bonuses.

But only 17% anticipate the introduction of clawbacks whereby bonuses could be reclaimed. The survey also found about a quarter of City staff received no bonus in the past year while 41% saw their bonuses cut.