Bonuses may be set to tumble for most bankers in London this year, but the specialists taken on to find ways of cutting costs in IT or supplies could get better rewards relative to their salaries than most, a report found.
Average pay for procurement specialists in the UK finance sector has jumped 5 percent in the last year, and more senior executives in that area could get bonuses of up to 100 percent of their base pay, recruiters Langley Search & Selection said.
Salaries for procurement staff at a top level will often exceed 150,000 pounds ($234,400), Langley said. Average basic salaries for mid-level staff are about 80,000 pounds a year, and they might get bonuses of about 40 percent of their base pay.
In other sectors, average 2011 pay in procurement for mid-level specialist stands at about 63,000 a year.
It's the first time since the start of the credit crisis bonuses for procurement staff in finance have started to reappear, Langley said.
For most front office bankers, bonuses are set to fall sharply and reward pools could shrink by up to 70 percent after a turbulent six months for markets.
But as well as slashing pay, banks have been cutting costs across their businesses and procurement specialists have been looking at IT purchases and services for example, Langley said.
The number of job vacancies for procurement staff in financial services had grown by 12 percent in the last year, the report found.
(Reporting by Sarah White; Editing by David Holmes)