British bankers will begin receiving the largest bonuses since before the global financial crisis of 2008.
As their companies battle an “increasingly heated struggle for talent,”
In the City’s pubs and wine bars, already very well-paid UK bankers are enjoying “especially obscene” bonuses.
While the average Britons face the most severe wage constraint since at least 1990.
A bartender who works near the offices of many of London’s banks, “They gather here to rejoice when they obtain their ‘number”.
Although, the numbers this year seem to be especially obscene.
“We’ve had quite a run on champagne – the poshest champagne we stock,” adds James.
UK Bankers specializing in mergers and acquisitions (M&A) in London made a lot of money.
It’s the largest annual total for M&A banker fees paid since Refinitiv started keeping track in 2000.
Thanks to a flurry of company takeovers and acquisitive American bidders.
Who are looking for discounted British targets.
The bankers get the funds in form of bonuses.
London’s main four banks HSBC, Barclays, Lloyds Banking Group, and NatWest to announce their annual results in a fortnight.
They are likely to pay out bonuses totaling more than £4 billion.
The banks’ combined yearly earnings are likely to exceed £34 billion.
The UK banker s’ large payouts come just days after Andrew Bailey, the governor of the Bank of England.
“These sky-high banker bonuses are a kick in the teeth for everyone suffering from the cost of living crisis,” Gary Smith.
General secretary of the GMB union, which represents 600,000 largely frontline workers, added.
I hope Andrew Bailey advises his banking buddies to exercise the same restraint he expects from underpaid workers elsewhere in the sector.
“Essential workers, such as our country’s carers, frequently earn pennies above the minimum wage,” Smith explained.
“Mr. Bailey should come out of his banking bubble and shadow these workers to see who truly deserves a wage raise.”
Several hundred more UK bankers will be added to the EU’s “high earners” warning report, which lists every banker making more than €1 million.