The latest poll from eFinancialCareers.com, the UK-based global financial careers website, reveals that most investment bankers think they are underpaid.
Of 875 bankers polled, whose combined bonuses last year totalled more than 150million ñ only 31% believed their pay-outs were fair; 62% believed they should have been paid more.
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Furthermore, over 70% of those polled say the current bonus system actively encourages them to prioritise short-term gains. Nearly 8% openly admitted to having misrepresented their role in a transaction ñ or its profitability - to secure a higher bonus.
Against this backdrop, it is perhaps no surprise that a significant percentage of bankers (51%) expressed the view that the way bonuses are awarded should be changed. However, opinions on how they should be reformed were wide-ranging.
Sarah Butcher, editor of eFinancialCareers.com, commented:
ìWhilst the most popular revision to the bonus system expressed by those polled was simply to award them on a more regular basis throughout the year, there were clearly those who recognised that the relationship between the long term performance of the bank and bonuses should be more closely linked. For example, 19% felt there should be a claw back on bonuses when long-term profitability is lower than expected.î
But banks should be cautious about introducing any heavy-handed changes. Nearly half (48%) the bankers polled said they would quit banking if bonuses were capped.
On a more positive note, 3% of those polled did openly admit to being overpaid.
eFinancialCareersí latest poll reveals that bankersí discontent with bonus system grows
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