(Ian West/ PA)
(Picture: PA Archive)Bankers in London and New York are poised to suffer a sharp downturn in pay when their year-end bonuses are awarded in the coming weeks as a stock market downturn and a fallow deals and IPO market help dampen compensation packages on Wall Street and the Square Mile.
Average banker pay could fall by as much as 50% this year, according to pay estimates provided to Reuters by recruitment firm Sheffield Haworth, in a dramatic change in fortunes for city financiers who in 2021 had benefitted from some of the most generous pay packages in over a decade amid a stock market boom.
