Despite the chancellor George Osborn referring to the EU’s cap on bank bonuses “counter-productive”, bankers for London investment bankers still look on course to fall on average by 9% from last year.

This cut in bonuses is likely to be a result of a reduced number of IPOs as well as a where banks have had to compensate due to the payment of misconduct fines.

Alice Leguay, from Emolument, has said;

“With ever more restricted bonus pools, it may be that doughnuts (zero bonuses) become more commonplace, as banks limit substantial bonus payments to key outperforming staff they simply cannot afford to lose,”

Following cuts, how much are London’s bankers expected to receive in bonuses? Emolument estimates that a managing director in equities can expect to get a bonus of £361,000, whilst directors across the investment bank should get £114,000-151,000, with Deutsche Bank’s John Cryan admitting bankers get paid too much for what they do.

General secretary of the TUC, Frances O’Grady said;

“With most workers still earning less than they did before the recession, few tears will be shed for bankers who find their six-figure annual bonus is a few pounds less than last year. We need the economic recovery to be far more fairly shared amongst all workers in 2016.”

Bonuses aren’t set to drop everywhere; equities staff and traders are expected to see a rise of between 2-3%