The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

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.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?