City fat-cats have hit back at critics over their huge bonus payouts.
Robert Pickering, chief executive of investment broker Cazenove, defended plans to share £107m between 850 staff at its joint venture, JP Morgan Cazenove.
Pickering said: “There have been some emotional arguments used about bonus pools but they are simply a reflection of our success.
“If you are making lots of money you are also paying lots of tax as well and it should be remembered that this is a cyclical business. Back in 2000 the stories were about bonus pools being slashed and people being fired in large numbers.”
The merger between JP Morgan and Cazenove at the end of 2004 led to a reported 47% increase in pre-tax profits for the joint venture, according to the Independent.
Northern Ireland secretary Peter Hain recommended last month that City firms should donate two-thirds of their bonus pots to charity and inner-city regeneration.
