Bonus disappointments in store for City staff

Investment
banking staff across the world will soon be told by their employers to forget
about large bonuses this year and many will be lucky to get any bonus at all,
according to The Business.

The
newspaper claims that staff at Goldman Sachs will soon be told that there will
be no bonuses at all in 2002 as the banking industry continues to struggle in
difficult trading conditions.

Merrill
Lynch is set to tell senior staff that bonuses will not be large.
Investment banking staff are getting used to the fact that there will be no big
pay-out this year and many will be happy just to keep their jobs. Bonuses were
already down last year from previous levels but will be regarded in a different
light when compared with what will be on offer in 2002.

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With
no sustainable recovery in world markets likely until mid-2003, there is no
guarantee that next year will be any better.

By Ben Willmott