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London banker bonuses to drop 37%

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It's a lot of money, but of course, they're still making a lot of money. Even with the drop in bonus payouts, they're still making well above any other industry. It's disgraceful that the political class allowed the payouts - on the taxpayer dime - to continue after the 2008 crash. The banking industry still needs considerable reform.

UK City bonuses for 2011 will drop by 37 percent to 4.2 billion pounds ($6.4 billion), according to the Centre for Economic & Business Research (CEBR). Profits are down across the board after the euro zone debt crisis defied most traders' expectations last year. Former big payers such as Barclays [BARC-GB 199.10 --- UNCH ] have already announced bonuses will be cut. Barclays CEO Bob Diamond, once the best-paid banker in the City, said late last year that “pay and bonuses will be much lower this year”. Analysts at Citi estimate Barclays Capital, the bank’s investment unit, which is known as one of the City’s biggest bonus payers, will slash its bonus pool by around 17 percent.

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