Impact of credit crunch spreads to consumer spending in City

With investment bankers on track for considerably lower bonuses this year, the latest poll from eFinancialCareers.com ñ the global financial services careers website ñ reveals that many have already banked enough to withstand the crunch.

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Of the more than 1500 financial professionals who responded, 52% said the impact of a lower bonus would be minor and they would simply have to ìcut back on the caviar.î

For the other 48%, lower bonus payouts will be a bigger issue. 13% said they would have to consider selling their houses; 9% said they would have to take their children out of private school; and 26% admitted they would have to cancel their holidays.

Sarah Butcher, editor of eFinancialCareers.com, commented:

ìOur latest survey reveals that around half the financial services community can survive a few lean years with only superficial changes to their lifestyle. For the other half, however, smaller bonuses are a serious prospect. Forced house prices sales and holiday cancellations could have a serious impact on the economy of the South East.î