City looks for double-bonus cheer

A STUDY out today reveals that top City dealmakers are in line to more than double their annual bonuses - but will still be looking for new jobs in the New Year.

One in five financial services workers are betting on this level of bonus boost, meaning payouts for some of up to £5m. A similar poll last month had the optimists expecting rises averaging 65%.

Bankers are also gearing up for a jobs merry-go-round next spring if bonus payouts fail to meet their expectations. This would be a marked change of attitude after three years of job cuts kept a lid on large-scale movements between firms.

The survey, by recruitment consultants Morgan McKinley, revealed that 140 of the 230 financial services workers interviewed will look for a new job after bonuses are paid.

The findings chime with a Evening Standard poll of 20 investment banking directors this month, which found City bosses were prepared to go some way to meeting staff hopes.

The directors expect up to 30% rises in bonuses to retain a minority of top corporate financiers and traders who are the best at drumming up new business.

Many City bankers benefited from a fees bonanza on a raft of corporate mergers and rescues that were completed this year.