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This week British bankers will start collecting the biggest bonuses since before the 2008 global financial crisis as their employers fight an “increasingly intense war for talent.”

As most Britons face the biggest squeeze on their incomes since at least 1990, already very highly paid bankers are celebrating “particularly obscene” bonuses in the City’s pubs and wine bars.

“We have had quite the run on champagne – the poshest champagne we stock,” says James, a bartender at the New Moon on the streets of Leadenhall Market near the headquarters of many of the City of London’s banks. “They come here to celebrate when they get told their ‘number’ – the numbers seem to have been particularly obscene this year.”

London’s mergers and acquisitions (M&A) bankers earned total fees of $3.5bn (£2.6bn) in 2021, according to research by financial data provider Refinitiv for the Guardian. It is the highest annual total for M&A banker fees paid since Refinitiv’s records began in 2000.

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source: The Guardian
published: 16 February 2022

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