Last London bankers to receive bonuses fear the worst after revenues fall 33%
Most people working in financial services jobs in London have already received bonuses for 2024, but this is not the case at Peel Hunt, the UK-mid-market investment bank. Peel Hunt typically pays its bonuses in June.
This year, bonuses at Peel Hunt may not be the best. In a regulatory filing this morning, it revealed that revenues fell 33% year-on-year in the second half of its fiscal year (ending March 31st) to £36.2m.
The revenue fall helps explain Peel Hunt's decision to cut 10 people in March. Sources at the bank claim this was significant given that the investment banking team only employs around 50 people in total. It may also explain why Andrew Chapman, Peel Hunt's chair of investment banking and former head of investment banking, has chosen this moment to retire.
Peel Hunt declined to comment. Last year, employees at the bank complained that many bonuses were zero. Something similar may occur come June.
The trepidation at Peel Hunt comes after rival UK mid-market bank Panmure Gordon paid its people zero bonuses for the third year running.
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