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Bonus season promises more riches for City staff this year after British and US banks scrapped EU-imposed bonus caps — but how do you measure up?

With M&A activity on the rise, some UK-based bankers and lawyers are bullish about their pay and bonus prospects this year and beyond. However, increased payout ratios may come at the cost of lower base salaries, further concentrating rewards in the hands of top dealmakers.

For the fourth year in a row, the Financial Times is asking readers to confidentially share their bonus round expectations; How they noticed the change in salary policy and whether they want to invest, save or spend the money they are paid.

FT 2025 Bonus Survey

Our survey can be completed anonymously in less than five minutes Click here. or visit FT.com/Bonus survey

This year’s results are expected to be the first year that the bonus cap changes will be fully reflected in the pay packages of top earners. Although the cap was lifted in 2023, British-based banks took time to review and fully implement their pay policies, presenting a mixed landscape.

While European banks in London must still cap bonuses at twice base pay, Barclays and JPMorgan have decided to reward so-called material risk takers. Up to 10 times Their fixed salaries, while Goldman Sachs chose to reduce the base pay, but increased the bonus ratio by 25 times.

The legal profession is expected to be another big winner this bonus season, as the arrival of major US law firms in the capital disrupts markets, fueling Pay the battle for talent.

Readers will be able to tell us anonymously how any changes will affect their personal salary prospects, as well as changing the dynamics of competition in the wider recruitment market.

The survey gives readers the chance to say how Labour’s first budget has affected their financial planning, Payment of VAT on school fees How suggested Inheritance tax changes Make pension saving less attractive.

last year The FT Bonus survey revealed that many well-paid professionals are under pressure from a combination of small payouts and high interest rates.

Completed by nearly 3,000 FT readers, 58 percent said their bonuses fell or were flat compared to the previous year, and there was a sharp jump. [64 per cent] The number of people who said they wanted to use their bonus to reduce mortgage debt. However, half of respondents still intend to invest any bonus payout tax-efficiently.

Changes to the banker bonus cap were underway during last year’s poll, but four in five FT readers said they would prefer safety to glory, favoring a higher base salary and a limited bonus, against a lower base salary and an unlimited bonus.

The results of the anonymous survey will be collated and published next week. Please ensure your reply reaches us by the deadline of Monday 10th February, and send any queries to our usual email address, money@ft.com.