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Pandemic on Wall Street causes rising levels … of bonuses
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Just as most of us are feeling the effects of soaring inflation, which the Office for National Statistics said last week had reached a 10-year high of 5.1%, wealthy bankers and traders are looking forward to receiving extraordinarily large new year bonuses.
Banks on both sides of the Atlantic are finalising bonus pool deals that could be inflated by as much as 50% compared with last year, reaching their highest levels since 2009 and the mergers and acquisitions boom that followed the financial crisis.
The very top investment bankers in the US – the “masters of the universe” – can expect to collect $5m-$10m (£3.7m-£7.5m) this year, according to pay experts. The huge payday is due partly to the damage wreaked by the pandemic, as the crisis has
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