Small bonuses mean 'lifestyle changes for bankers'

Many investment bankers are expecting small bonuses this year following the aftermath of the credit crunch and may have to adjust their lifestyles in accordingly, new figures have revealed.

This follows concerns raised last week by Mervyn King, the Governor of the Bank of England, over the number of graduates lured into finance by the promise of large bonuses.

The poll by eFinancialCareers.com has shown that most bankers in the City of London have enough savings to survive the current economic problems by only making small lifestyle changes.

In fact, 52% of the 1,500 respondents to the survey described their future money problems as 'minor.'

However, 48% of investment bankers admitted that the situation is 'serious,' with 26% of financiers cancelling their summer holidays this year.

Editor of eFinancialCareers, Sarah Butcher, noted that the slowdown in spending could have a number of knock-on effects, saying that a challenging housing market and 'holiday cancellations could have a serious impact on the economy of the South East.'