City workers set for £7.5 billion bonus
2006 was a good year for the City of London
Financial workers in the City of London are set to earn £7,500,000,000 in bonuses this winter, according to the Centre for Economics and Business Research. The figure is a record, 16% up on the £6.4bn it estimated was paid last year.
The CEBR said that the average worker will receive £23,000, while some reports estimate that 3,000 people will get a windfall of £1m or more.
It said a 10% rise in stock market activity and 20% increase in mergers and acquisitions were responsible. Previous research from the group found that around half of City bonuses end up in the higher end of the property market. It said bonuses were also spent on cars, shopping and plastic surgery.
Liposuction is a popular treatment for male City workers