More than half of City of London professionals said they would look for a new job if their year-end bonus failed to meet their expectations, new research has found.
A survey of more than 1,850 workers, conducted by online recruitment firm eFinancialCareers.com, found that only one-quarter of respondents would ‘carry on regardless’ despite disappointing bonuses.
Optimism within the City clearly still remains, despite the US sub-prime crisis, which has taken its toll on big name banks including UBS, Citigroup & Merrill Lynch, and yesterday’s slump in the stock market, caused by fear of a US recession.
UK bankers trail their counterparts in the Far East, where 72% of bankers in Singapore and 67% in Hong Kong would consider other banks if they were dissatisfied with their bonus.
Sarah Butcher, editor of eFinancialCareers.com, said: “Financial professionals seem to be optimistic about the prospects of finding work elsewhere, should they look for it.”
“Attitudes among Far East bankers appear to be more in line with the attitudes of UK bankers 12 months ago than today – and reflect the high levels of confidence being experienced in the region, which is currently a primary driver of the global economy,” Butchers said.