London traders due huge bonus cuts

London

Foreign-exchange traders in London are set for the biggest drop in bonuses among bank employees as regulators toughen scrutiny in the wake of scandals, according to a survey by Emolument.

Bloomber News reports that currency traders are likely to see a 43% decline in payouts for 2014, compared with a 41% jump projected for colleagues on commodities desks, according to estimates by the salary benchmarking website. The average bonus paid to currency and commodities traders for last year was $218,000 and $173,000, respectively, it said.

The $5.3 trillion-a-day currency market is under investigation amid allegations that dealers leaked confidential client information and colluded to rig benchmarks. Revenue from foreign-exchange trading is also being squeezed amid weaker client activity, as regulators strive to rein in excessive compensation to prevent another financial crisis. The European Union has banned bonuses exceeding more than twice fixed pay.

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London’s Currency Traders Set for Biggest Bonus Decrease

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