When London's junior banker set accepted their jobs in The City one and two years ago, they expected to be made happy come bonus time. And happy they are not! Apparently no one got the memo that for these junior mistmakers, bonus communication day was supposed to feel like their birthdays, Christmas, and the Queen's Diamond Jubilee all rolled into one. In reality, it didn't even come close to that, and now a big chunk of the finance industry's baby bankers are dusting their C.V.'s, while the rest of them are simply sitting and stewing.
According to a survey by headhunting firm Morgan McKinley, 83% of young people in London with one to two years’ experience were dissatisfied with their bonus this year and about a quarter are threatening to quit the financial industry because of it. According to the research, almost half of City workers either saw their bonuses decrease or stay the same compared to a year ago. More than 10% got no bonus at all...Whilst millennials were the most vocal in their dissatisfaction, Morgan McKinley noted that bonus levels are in decline generally and it was actually those with more than 15 years of experience who saw the biggest squeeze in their bonus pots.