Roughly half of bankers in Britain and the United States received increased bonuses for 2010, according to a survey released on Tuesday, but anecdotal evidence suggests the average bonus was down at major investment banks.
In the United States the average bonus fell 5%, the survey found. At some firms, bonuses dropped by double digits, according to sources familiar with the matter.
Bankers' pay has come under intense scrutiny on both sides of the Atlantic after a political and public backlash following the financial crisis.
The survey by Efinancialcareers, a career website network for financial workers, said 49% of bankers in Britain had seen a rise in bonuses for 2010 and only a quarter had seen a fall. Some key British banks have yet to present bonuses to staff.
In the United States, 56% of those surveyed said their bonuses were larger, while 19 percent said they were smaller.
While more U.S. bonuses rose than fell on an absolute basis, when comparing dollar amounts year over year, the average U.S. bonus fell 5%, according to the survey.
Some 59% of bankers surveyed in Hong Kong, Singapore and Australia saw an increase in their bonus, while 16% saw a decrease.
DIFFERENT BANK, DIFFERENT PAY
From firm to firm, the story varies greatly. A person familiar with the matter said compensation at Morgan Stanley's core investment bank fell 3%. The source said staff were told bonuses fell 10% to 25% on average for 2010, depending on the unit.
Morgan Stanley does not typically disclose compensation and bonus figures. The firm has said, though, that 60% of staff compensation for 2010 would be paid on a deferred basis of anywhere from 18 to 36 months, up from 40% in 2009. The deferral is larger for top executives.
At JPMorgan Chase & Co, total compensation at the investment bank appears to have edged lower, people familiar with the situation said.
There is relatively less chatter circulating about compensation at Goldman Sachs Group Inc, though the firm's headcount rose sharply in 2010, a fact expected to disadvantage those at the lower end of the award scale.
The British government said on Tuesday it was still seeking an agreement with banks to curb bonuses and boost lending, despite reports that the talks had stalled.
The issue is sensitive because the state has large stakes in Royal Bank of Scotland and Lloyds Banking Group after bailing them out, and big bonuses enrage taxpayers.
Banks have been fighting to maintain competitive bonus packages for staff, arguing that otherwise some banks might relocate to places where they could face less regulatory pressure.
The scrutiny on bonuses is particularly intense in Britain, where the average bonus for UK front office professionals was 84,409 pounds for 2010, up 5% from 2009, the survey found.
