Study shows bank bonuses shrink but basic salaries on the rise

A new study out this week has shows that although City bonuses have nosedived by around 8% in the last 12 months, workers managed to swerve the windfall after being awarded a 7% rise in basic salaries. Research from the Centre for Economics and Business Research reveals that although bonuses fell from £7.3 billion to £6.7 billion in the last financial year, basic salaries in the Square Mile jumped by 7% during the same period. And while bonuses fell during the financial year of 2010-2011, they still remain higher than the levels recorded for 2009.