‘Poor’ City workers hit by bonus cuts

Reuters
reports that bonuses at Salomon Smith Barney and CSFB are thought to as much as
60 per cent down on last year, according to online service
hereisthecitynews.com.

It
reveals that many City staff who have been advised of their bonus in the last
week or so were pleased to receive anything at all.

However,
some City firms are still firming up their bonus figures, leaving staff waiting
to learn how much less they will get for their work in 2002 than the previous
year.

Many mergers
and acquisitions staff will be happy just to be in a job.

Reuters
predicts that City employees already look like they are in for another tough
year. Early indications are that revenues for January were mostly poor. Further
job cuts in all main markets are likely.

Many
will simply try and bank what 2002 bonus they get as worries about job security
continue.

By Ben Willmott

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