In theory, with IT one of the more liquid areas of recruitment currently, investment banks should be working hard to keep hold of their technology staff. However, we’re told that the clampdown on bonuses is hitting tech functions hard, and a large proportion of people should expect zeros this year.
Recruiters are reporting a raft of disgruntled IT staff chancing their arm on the recruitment market because, bonus-wise, there’s nothing to incentivise them to stay. Large bulge bracket banks have been managing expectations, telling “around 80%” of IT staff that either a small bonus (or nothing at all) will be paid out this year.
So, why would you move? Quite simply because the banks that are hiring are willing to put their hands in their pocket. Guaranteed bonuses of around 15% of base salaries are being offered to new recruits, according to our sources, and those that aren’t making cast iron promises are inferring that – unless something goes very wrong – a bonus will be paid next year.
This is a far cry from 2012, when bonuses were comparatively generous to top performing technologists. We’re very late on this, but below is a detailed breakdown of what investment banks were paying their technology staff at the beginning of this year, courtesy of recruiters Astbury Marsden.
As you can see, top earning developers and project managers earned packages of £132k.
Here’s the full breakdown: