Remember when bonus checks were bigger than your salary? Cling tightly to that memory, because compared to the old days, London’s hedge fund directors will need a microscope to find this year’s, which may, after taxes, cover a month’s rent.
What can you say? Expensive but replaceable is a bad place to be.
The average bonus for directors, or mid-level employees, plummeted to 8,000 pounds ($13,300) this year from 40,000 pounds last year and 135,000 pounds in 2012, Emolument.com said in a statement today….
“Directors are at a particularly volatile level when it comes to bonuses as they are deemed expensive by their firm but not so senior that they are absolutely essential to the business.”