More on the bonus front.
The Telegraph reports that Europe’s top bankers are on course to fall further behind their US rivals as Brexit uncertainty, low volatility and rising shareholder pressure drag down bonuses, City experts warn.
Traders are already preparing for double-digit falls in bonuses after low volatility made it difficult to make money in 2017. Headhunters warn that those at European banks are more likely to be handed a “doughnut” bonus – industry code for nothing at all – in the coming months as revenues continue to lag US peers.
Jason Kennedy, chief executive of recruitment firm Kennedy Group, said the chasm between US and European-based banks would be wider than ever as European banks held back cash due to political uncertainty. He predicts bankers on Wall Street will be handed bonuses 15-20pc higher than those at European rivals this year, or 10-15pc more for those working at a US bank based in Europe.
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