Its not just bankers who are seeing their earnings slashed this year audit and compliance staff will also receive reduced bonuses, according to research by executive search consultancy GRS.
In a recent GRS survey, 64% of audit and compliance professionals said they expected their bonuses to fall compared to last year. Bonuses were expected to be 38% smaller on average than last years.
More than a third of respondents admitted they wouldnt be receiving any sort of bonus this year, despite getting one last year.
Auditors are under siege. The Commons Treasury committee is recommending bank auditors face tougher restrictions on offering non-audit services and that auditors be banned from undertaking non-audit work for financial institution clients, said Rowan Crooks of GRS Compliance.