European investment banks are set to cut their bonus pools in the coming weeks by 20 per cent in a move that will exacerbate the pay gap with their US rivals.
Consultants and bankers estimate that banks including Barclays, Credit Suisse and UBS will reduce overall group bonus levels for 2012 by up to 15 per cent but agree that the cuts will be nearer one-fifth in their investment banking arms.
“This is partly driven by headcount reductions as banks scale back investment banking activity,” said Tom Gosling, head of PwC’s reward practice. “But also bank boards in Europe are making a concerted effort to allocate a larger share of returns to investors and to reduce bonuses in response to the reputational issues.”
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