UK banking bonuses down 11% last year, figures show

20 September 2012

Bonuses awarded to professionals in the British banking industry declined by 11 per cent last year, new official figures have revealed.

Data collated by the Office for National Statistics (ONS) has shown that, on average, bankers based in the City of London received additional remuneration of £12,000 ($19,400) on top of their wages in 2011-12.

Over the course of recent years, the combination of new regulatory requirements, tough economic conditions and public anger directed towards financiers has resulted in bonuses being lowered.

However, of the £37 billion paid in bonuses across all sectors in the UK employment sector, some £13 billion was awarded to people in the finance industry.

And even though this is a nine per cent decline on the figure recorded one year previously, the figure still represents a disproportionately high level when the fact that just four per cent of the country's workforce operates in this arena.

By Asim Shah

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