ONS MERGERS AND ACQUISITIONS FIGURES AND EFFECT ON BONUSES
Comment - ONS MERGERS AND ACQUISITIONS FIGURES AND EFFECT ON BONUSES
Dave Way, managing director at accountancy & finance recruiter Marks Sattin, says: Financial services workers will take great encouragement from the mergers and acquisitions figures released this morning by the ONS especially in the run up to bonus season. One of the main reasons behind the freeze in pay during the last 2 years has been the failure of banks to secure significant amounts of M&A work. We can already see the effect of the increased M&A activity on the City job market. Candidates are now receiving an average of 3 job offers for every 5 interviews, compared to a success rate of only 1 in 3 last year. Counter-offers for resigning accountants in 2010 are more than twice as prevalent as they were last year and the salary increases they are being offered are three times larger than they were in 2009. And improved revenues are already beginning to put upward pressure on salaries and bonuses. If this level of M&A activity is maintained and UK companies continue to look to seek high-value deals abroad, we can be certain to see happy faces and fat wallets in the square mile in the New Year.