The plunging value of the US dollar is hitting the bonus prospects of thousands of City workers employed by American banks.
According to the Evening Standard, bonus payments are calculated in America and in dollars. But with the dramatic fall in its value against the Pound, the expected 25% rises in bonus payments this year have been all but swallowed up by currency fluctuations.
One investment banking head in equities at a large US brokerage said: 'My London staff are suddenly working out they need a huge increase in bonus to see any real gain. The bonus pot is worked out by the Americans in America and in dollars.'