Bumper bonuses expected

The key driver of the increased payouts will be the uptick in FX revenues enjoyed by the majority of banks this year, said officials, but the rise of FX as an asset class and increased movement of staff in the market will also push figures higher.

"FX has done well this year and expectations are higher," said one senior official at a European bank in London. "Revenues have been good and foreign exchange has been taking off as an asset class, so we expect to see a decent increase in bonus pay

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