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Last Updated: Wednesday, 11 January 2006, 23:22 GMT
City workers set for 7.5bn bonus
City of London skyline
2005 was a good year for the City of London
Financial workers in the City of London are set to earn 7.5bn in bonuses this winter, according to the Centre for Economics and Business Research.

The record figure is 16% up on the 6.4bn it estimated was paid last year.

The centre said that the average worker would receive 23,000, while some reports estimate that 3,000 people will get a windfall of 1m or more.

It said a 10% rise in stock market activity and 20% increase in mergers and acquisitions were responsible.

Plastic surgery

Previous research from the group found that around half of City bonuses end up in the higher end of the property market.

It said bonuses were also spent on cars, shopping and plastic surgery.

Plastic surgeon and patient
Liposuction is a popular treatment for male City workers

The CEBR said rising activity in the City meant that 9,500 new jobs were created, taking the total to 325,500.

This surpasses the previous employment record reached just before the dot.com crash in 2000.

It expects a further 6,300 City jobs to be created in 2006 as activity continues to increase, with a resultant boost to bonuses again next winter.


SEE ALSO:
What's the deal with City bonuses?
13 Dec 05 |  Magazine
Wall Street's bonus bonanza
15 Dec 05 |  Business
Big bonuses fuel City home boom
08 Nov 05 |  London
Bankers 'to see jump in bonuses'
22 Sep 05 |  Business


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