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.”
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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.
