Bonuses paid to many London bankers are falling in real terms because of the weakness of the US dollar.
For those bankers employed by US firms such as Goldman Sachs, JP Morgan, Morgan Stanley who are lucky enough to be awarded a bonus of £1 million, the weak dollar means that their bonus will be worth only £515,000 this year compared to nearer £600,000 in 2003.
But according to the Evening Standard, US banks are trying to minimise the drop by switching the currency in which bonuses are paid or by taking the average price of the dollar over the year rather than the current spot price.