Small lifestyle changes may need to be made by investment bankers following reduced bonuses in the City of London this year, new figures have revealed.
According to a poll from eFinancialCareers, many bankers feel they will be able to ride out the current credit crunch as they have substantial savings, with 52 per cent calling the situation "minor", Online Recruitment reports.
But 48 per cent of the 1,500 investment bankers questioned by the company described the reduction in pay and bonuses as "serious".
And 26 per cent admitted that they would be cancelling their holidays booked for later this year.
A slowdown in spending by investment bankers could have wide-ranging effects, editor of eFinancialCareers Sarah Butcher said.
"Forced house prices sales and holiday cancellations could have a serious impact on the economy of the south-east," she stated.
Governor of the Bank of England Mervyn King announced last week that he is concerned that many graduates are entering financial jobs on the promise of large bonuses.
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