Legal Threat over City Bonuses

The latest research from eFinancialcareers.com – the world’s leading online finance recruiting website – reveals City firms are braced for a raft of legal actions over multi-million pound bonuses.

[ClickPress, Wed Feb 21 2007] The latest research from eFinancialcareers.com – the world’s leading online finance recruiting website – reveals City firms are braced for a raft of legal actions over multi-million pound bonuses. A third of financial professionals (31%) are in talks with their lawyers as employees seek redress through the courts.

Sarah Butcher, Editor of eFinancailcareers.com, comments:

“When a court decides whether a discretionary bonus has been allocated appropriately, it will usually consider the performance factors specified in the contract, the individual’s performance and that of the team, how similar employees are treated, and industry custom and practice. Valid claims may arise if any of these decisions cannot be justified or are not consistent”.

Furthermore, a further 16% were disappointed with their annual bonus and have put on hold their spending plans. Together (47%), respondents have clearly shown that this year’s record city bonuses were a myth. One-in-four received predicted amounts while only 10% exceeded beyond their wildest dreams.

Sarah Butcher, editor of eFinancailcareers.com, commented:

“Financial institutions should pay attention – money is, and has always been, a major motivator for City employees. Star bankers are increasingly willing to contact their lawyers in order to recoup money they believe they are owed. Perceptions of crazy Christmas bonuses can be laid to rest. It is now clear that a battle lies ahead between frustrated employees and their respective institutions”.

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Sarah Butcher, Editor of eFinancialCareers.com, is available for comment and interview.



Further press information


Jade Mamarbachi / Rob Koh (gth media) 020 7153 8035



Notes to Editors:



Below is a breakdown of the poll:



- My bonus was:



1. Miniscule: – 31%

2. Predictable: – 25.7%

3. Disappointing: – 16.1%

4. Large-ish: – 12.5%

5. Gargantuan: – 10%





About eFinancialCareers.com:



eFinancialCareers, a Dice subsidiary, is the leading global online network site for jobs and career management in investment banking, asset management and securities. Recruiters and employers can post jobs targeting specific sectors within the financial markets, both buy-side and sell-side, and search the resume database for highly qualified and specialized professionals.



eFinancialCareers provides career sites for the capital markets in the U.S., UK, Ireland, France, Germany, Belgium, Luxembourg, Netherlands, Switzerland, Italy, Hong Kong, Singapore & Australia. The eFinancialCareers network also includes more than 40 partner sites that increases the reach of job listings. These partners include InstitutionalInvestor.com, (U.S.), Financial News (UK), La Tribune (France), Milano Finanza (Italy), Finanztreff (Germany), Finance Asia (S.E. Asia), Financial Standard (Australia)



eFinancialCareers.com is a winner of 2006 Weddle’s User Choice Award and a member of Nicheboards.com and the International Association of Employment Web Sites.com. eFinancialCareers.co.uk also won the 2005 Recruiter Award for best online service.

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