Despite a global recession, the crisis in the financial sector, and massive and widespread failures in risk management, a majority of UK risk managers still expect to receive a bonus this year, a survey has found.
The survey, conducted in April and May by London-based recruitment consultancy GRS, found that 56% of risk managers in the UK financial sector expected to receive a bonus for 2009, with 31% expecting it to be equal to or larger than their previous bonus.
In a previous survey conducted in November 2008, at a time of record market turbulence in the wake of the collapse of Lehman Brothers, 67% of risk managers said they expected to receive a bonus, with 43% expecting it to be equal or larger than in 2007.
25% managers, however, expect a smaller bonus in 2009, with the average expected bonus across all respondents being 48% smaller than in 2008, the survey found.
However, disappointed managers may have little alternative but to stay in place - as Risk reported earlier this year, the job market for risk managers has been flooded with new applicants as banks cut back on structured product activities, and the number of vacancies has dropped significantly.
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