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Opinion

Bankers need to protect that bonus if put at risk of redundancy

After a good year in the banking industry for the many who are now looking forward to high bonuses, the threat of redundancy may seem remote. They should beware.

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The dreaded gathering of personal items upon redundancy, as seen here at Lehman Brothers in 2008

This week, the UK’s Office for National Statistics (ONS) reported that redundancies rose to 370,000 in the three months to October, the most since records began in 1992.

The strain on the domestic economy caused by the worsening pandemic is forcing swathes of businesses in all sectors to cut staff.

It has been a banner year for markets and for investment banking, but as bosses at domestic and international banks sign off on budgets for 2021 – which also brings the reality of Brexit – some will be thinking of redundancies.

Staff should know their rights so they can move quickly and protect their position if put at risk.

Few Euromoney readers will be combing over details of the statutory redundancy pay to which those who have at least two years’ service are entitled. This is capped at £538 or £807 per year of service depending on age, so barely enough for one bottle of the ’96 Château Latour.

Rolleen


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