London bankers: Bonuses down, salary up

Heads they win, tails they win. The game is fixed and all global economic sins are forgiven. This only happens because it's allowed to happen by political leadership that's in bed with this industry.

Workers in the City of London who have seen contentious bonus payouts shrink by 8% over the last 12 months have more than made up for their loss through a permanent 7% rise in basic salaries, according to a study published today.

Bonuses paid to City workers fell from £7.3bn to £6.7bn for the year to April, the Centre for Economics and Business Research (CEBR) says, but these purported performance-linked payouts remain a step above levels recorded in 2009, when the worst banking crisis since the 1930s saw the City's bonus pool dip to £5.3bn.

However, more than offsetting the impact of shrinking City bonuses, basic salaries in the Square Mile ? which still make up the lion's share of pay deals for most City workers ? jumped 7%, according to CEBR's analysis of official data from the Office for National Statistics.

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