Wall Street bonus boom

BONUS payments at US investment banks are set to dwarf those at their European rivals again this year.

A closely watched industry report, by consultants at Johnson Associates, predicts that average Wall Street bonuses will increase five to ten per cent, but the largesse is not expected to be replicated at Europe’s biggest banks which face growing political pressure over fat cat pay.

Jason Kennedy, of recruitment firm Kennedy Group, told the Daily Telegraph: ‘For years the Europeans have played in the second division while the Americans have been playing in the premier league.’

US banks have also dominated EU banks in merger and acquisition rankings.