Ghost of Christmas past catches up with investment bankers

Grim
times in the City will see hundreds of investment bankers get no bonus this
year, with thousands of workers in research and mergers and acquisitions in
line for only half of last year’s bonus.

A
report compiled by City headhunters Armstrong International, predicts that most
investment bankers whose performance is ranked in the bottom 20 per cent of the
total workforce will not get a Christmas bonus.

Armstrong
said it believes analysts at smaller investment banks such as ABN Amro, HSBC
and ING Barings will fare worse than those working for firms such as Merrill
Lynch, Morgan Stanley and Goldman Sachs.

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The
size of the payouts will depend on the area of investment banking in which
employees work.

By Quentin Reade