London market workers told not to expect bumper Christmas bonus
A third of London market workers think their bonus will be 65% bigger than last year - but they could be disappointed, according to a report published today.
Recruitment specialists Morgan McKinley said expectations of bumper payouts this Christmas were unlikely to be realised.
The average expectation across all sectors of the City jobs market was that bonuses would be 35% higher than 2003, an online poll by the recruitment firm revealed.
The optimism would appear to be based on the stronger financial markets especially earlier this year, and particularly in fixed income and derivatives, the report said.
Ken Brotherston, Chairman of Morgan McKinley said: “Bonus expectations in the City are running high this Christmas and while top performers will always be rewarded, the majority of those expecting big increases are likely to be disappointed.
“Business conditions in the City are more muted than they were earlier this year, and while the City is in good shape and bonuses will be healthy, 2004 is not going to be the bumper year some are hoping for.”
Morgan McKinley estimates there are currently circa 9,387 outstanding job vacancies in the city, 106% more than in October 2003.
The average City basic salary offering has decreased by 7.6% from £47,483 (€67,600) in September to £43,872 (€62,500) in October, due to year end constraints.
It currently takes 100 days to secure a job, up substantially from September, though early indicators suggest a positive outlook for the City jobs market in 2005.
Mr Brotherston added: “This month a number of factors have combined to create a temporary, seasonal cool down in the City jobs market. However, early indicators point to a strong outlook for City recruitment in the New Year and beyond.”
