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City bonuses down 13% on last year
Nicholas Cecil and Jonathan Prynn26 Mar 2008
City bonuses slumped at the start of the year, official figures reveal today.
They fell 13 per cent in January compared with a year earlier. Total bonuses - as a weekly average for the one million people employed in the City - dropped from £786 in January 2007 to £681 for the first month of this year, down £105.
Some bonuses may have been delayed but the figures appeared to confirm lower special pay-outs in December, which were down from an average of £281 to £140.
Despite the fall from record bonuses last year, the figures are still higher than in 2006, when the average weekly bonus for January was £550.
The Office for National Statistics data came after Goldman Sachs warned of cuts to pay and bonuses. On average, its employees could get £200,000 this year, compared with more than £300,000 last year.
Liberal Democrat Treasury spokesman Vince Cable welcomed the fall but warned it could be a sign of gloomier economic times.
Reader views (2)
only 13%!
- Snowie, London, 27/03/2008 11:14
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It's enough to make you weep. Lets organise a whip round.
- Colin, Barking Essex, 26/03/2008 16:51
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