Traders' bonuses 'shrink after credit crunch'

02-04-2008

Traders' bonuses 'shrink after credit crunch'
The aftermath of the credit crunch has seen City trader salaries and bonus packages shrink, a new report has revealed.

According to Napier Scott Executive Search, London's financiers will receive bonuses and paycheques that are 40 per cent down on last year.

However, traders in Wall Street have seen a bigger cut in pay by as much as 60 per cent.

Napier chief executive officer Shaun Springer remarked that not all areas of the finance sector had seen pay cuts as large as this.

He stated: "The biggest falls in the UK occurred in the debt and credit markets."

Managing directors in these markets are earning a salary of £685,000 this year, £290,000 less than in 2007.

The Confederation of British Industry and PricewaterhouseCoopers reported yesterday that more jobs are likely to be axed this year in the finance industry.

ClickAJob chief executive Yngve Traberg is sympathetic, but points out that the current worldwide skills gap should ensure traders are not left destitute.

"Despite the downsize in income, City veterans should remember that their skills are very transferable and likely to be highly valued in other sectors," he says.

"Selling skills - particularly over the telephone, dexterity with computers, quick reflexes with numbers, are all highly-prized capabilities in any industry," he points out.

Related categories: Banking / Finance.


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