Bankers’ bonuses are bigger than last year’s, but majority say it is not enough money

Bankers are set to get considerably larger bonuses this year than they received last year, but they are still not satisfied.

New data suggests that the majority of bankers are unhappy with the bonus money they have been offered.

The data, which comes from Emolument, a crowdsourced salary comparison site, shows that the bankers who are most dissatisfied with their bonus payments are those working at Bank of America Merril Lynch.

Just 24% of Merril Lynch bankers were reportedly satisfied with their bonus payments, compared to 45% who said they were not happy about the sums.

At Citigroup, 42% were unhappy and 26% were satisfied, and at Credit Suisse 42% were unhappy and 27% satisfied.

However, the amount bankers are receiving in bonus payments has soared this year.

Associate level bankers’ bonuses have risen from £30,000 in 2015 to £110,000 in 2016. At VP level, bonuses have risen from £60,000 to £180,000 since last year, at director level, bonuses have gone up from £166,000 to £342,000, and MD’s bonuses have risen from £300,000 to £574,000.

Alice Leguay, COO & Co-Founder at Emolument.com said: “Lack of transparency in any organisation and its culture when it comes to discussing bonuses has a huge impact on productivity. No matter how much a bank pays its employees, if the process is shrouded in secrecy, the levels of paranoia and suspicion wipe off goodwill earned through higher bonus payments.”

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