UK finance bonuses to plummet as London loses ground

Bonuses for London’s financial sector workers for 2012 will tumble to 1.6 billion pounds (US$2.55 billion), down more than half from a year ago, offering a huge opening to rival Hong Kong, a study showed on Monday.

The handouts will keep falling until 2015, the Centre for Economics and Business Research said. Meanwhile, employment in London’s finance industry, known as the City, will also keep shrinking, allowing rival centre Hong Kong to overtake London by size in the next three years, the CEBR added in a separate note.

via Business feed http://www.scmp.com/business/companies/article/1080520/uk-finance-bonuses-plummet-london-loses-ground