Bonuses rose in 2010 for half of British and American bankers

ONE in two bankers in Britain and the US pocketed a bigger bonus for 2010 than the year before despite sluggish investment banking performances.

A survey of 2,500 bankers by Efinancialcareers, a website network for financial workers, said 49 per cent of bankers in Britain had seen a rise in bonuses. Only a quarter had seen a fall.

In the US, 56 per cent of those surveyed said their bonuses were larger this year and 19 per cent said they had fallen. The average American banking bonus was down 5 per cent, however.

Some 59 per cent of bankers surveyed in Hong Kong, Singapore and Australia had an increase in their bonus, while 16 per cent saw a decrease.

Bankers' pay has come under intense scrutiny following the financial crisis, when Lloyds Banking Group, Royal Bank of Scotland and Northern Rock were bailed out by taxpayers.

The British government said yesterday it was still seeking an agreement with banks via Project Merlin to curb bonuses and boost lending despite reports that the talks had stalled. It is believed no announcement will be made for two or three weeks. In Britain, the average bonus for front office professionals was 84,409, up 5 per cent on the year, the survey said.