Bankers would leave UK if bonuses capped

Half of UK bankers would consider leaving the country if their bonuses were capped, a survey claims.

The poll of almost 900 financial professionals by jobs website eFinancialCareers.com found that 49% of UK-based bankers would consider voting with their feet if a limit to their income were introduced. That figure rose to 71% among financiers with between six and 10 years’ experience.

A further 33% of bankers said they believed caps on cash bonuses were the most likely change to be implemented over the next year, with less than four in 10 supporting the idea.

John Benson, chief executive of eFinancialCareers, said the UK financial sector would be hit hard if caps were enforced.

“Were bonuses to be capped unilaterally in the UK, the country would run the risk of an exodus of top financial talent,” said John Benson, chief executive of eFinancialCareers.

The executive board of HSBC is expected to forgo millions of pounds in bonuses as the bank embarks on a record-breaking cash call to shore up its balance sheet.

And last week, former Royal Bank of Scotland chief executive Fred Goodwin refused to hand back a pension pot worth £16.6m.