Investment bankers are about to enjoy a record bonus season as confidence surges in the financial markets. Just 12 months after the global economy was brought close to collapse by reckless lending -- forcing banks to turn to taxpayers for help -- stock markets in London and New York are enjoying one of the strongest bull runs in decades and investment banks are preparing to announce huge profits. In Britain, job losses slowed in the three months to August. Unemployment rose by 88,000 to 2.47 million, the lowest rise since July last year, and youth unemployment fell slightly. China reported strong trade figures and oil hit a high for the year. Goldman Sachs, which employs 5,500 people in London, is expected to report a sharp rise in third-quarter profits today. Analysts estimate that, barring a major setback, the average London worker at Goldman will receive about $748,000 (£467,000) in salary and bonuses -- 13 per cent higher than 2007 and more than double the 2008 average.
Investment bankers are about to enjoy a record bonus season as confidence surges in the financial markets.
Just 12 months after the global economy was brought close to collapse by reckless lending -- forcing banks to turn to taxpayers for help -- stock markets in London and New York are enjoying one of the strongest bull runs in decades and investment banks are preparing to announce huge profits.
In Britain, job losses slowed in the three months to August. Unemployment rose by 88,000 to 2.47 million, the lowest rise since July last year, and youth unemployment fell slightly. China reported strong trade figures and oil hit a high for the year.
Goldman Sachs, which employs 5,500 people in London, is expected to report a sharp rise in third-quarter profits today. Analysts estimate that, barring a major setback, the average London worker at Goldman will receive about $748,000 (£467,000) in salary and bonuses -- 13 per cent higher than 2007 and more than double the 2008 average.
* Net profits of $3.6bn in third quarter* Staff on course for average pay of $133,000JP Morgan Chase signalled today that City firms are preparing to make huge bonus payments after it kicked off the US bank reporting season by smashing profit expectations.The bank revealed it had set aside $7.3bn (£4.6bn) in the third quarter to pay staff, taking the total remuneration pot for the first nine months of the year to $21bn, 23% more than at the same time last year.The admission by JP Morgan Chase that it was preparing to raise bonuses came as Goldman Sachs was expected to report that it too was enjoying a bumper year and its bonus pool could reach $22bn.Mounting expectations that bankers are looking forward to huge pay cheques barely a year after the banking system was bailed out by governments across the world have forced the biggest payers in the City to capitulate to government demands to adopt the G20 principles on pay.
* Staff on course for average pay of $133,000
JP Morgan Chase signalled today that City firms are preparing to make huge bonus payments after it kicked off the US bank reporting season by smashing profit expectations.
The bank revealed it had set aside $7.3bn (£4.6bn) in the third quarter to pay staff, taking the total remuneration pot for the first nine months of the year to $21bn, 23% more than at the same time last year.
The admission by JP Morgan Chase that it was preparing to raise bonuses came as Goldman Sachs was expected to report that it too was enjoying a bumper year and its bonus pool could reach $22bn.
Mounting expectations that bankers are looking forward to huge pay cheques barely a year after the banking system was bailed out by governments across the world have forced the biggest payers in the City to capitulate to government demands to adopt the G20 principles on pay.
