Britain's Bankers Expect Bumper Bonus Rise

Britain's bankers are expecting a bumper rise in bonuses in 2013 despite firms pledging to cut down on extra incentive pools while impending European Union-wide caps are being enforced.

According to a survey by recruitment site eFinancialCareers, around 58% believe that they'll receive a bigger bonus this year due to their personal performance.

Around a third of bankers believe their bonuses will rise by between 11 and 30%, while another third expect an increase of 10%.

eFinancialCareers surveyed 1,010 British financial services professionals. Globally, a total of 4,642 people responded to the survey and includes countries such as Hong Kong, Singapore, Australia, the US, and the Middle East region.

EU Bonus Caps

The European Council pushed through a plan earlier this year to cap bankers' bonuses at a maximum of double their salary from 2015.

The measure will come in on 2014's bonuses that will be paid out at the start of 2015.

Bonuses are typically paid in February and March but are announced prior to this time.

UK chancellor George Osborne is launching a legal challenge against the EU bonus cap which he believes could damage Britain's financial industry.

Meanwhile, banks are already racing to overhaul their remuneration structures by bumping up fixed salaries ahead of EU-imposed rule.

Analysts say that even with a rise in basic salary, many UK bankers are looking to move abroad, to places where bonuses are still not restricted.

According the the eFinancialCareers survey, more than 80% of people in Hong Kong believe they'll receive a bonus, while 70% in Singapore and Australia, and 60% in the US and Middle East predict the same.