Oz bankers most satisfied with bonuses

Australian bankers are more satisfied with their 2010 bonuses than counterparts in the US, UK, Singapore and Hong Kong, according to a survey of finance industry professionals.

About 56 per cent of Australian bankers were content with their payouts, which rose an average 13 per cent in 2010 to A$39,195 ($53,497), eFinancialCareers.com said yester-day.

The US satisfaction rate was 50 per cent, even though bonuses fell 5 per cent, according to the release.

Australia's four largest lenders, led by Commonwealth Bank of Australia, reported rising earnings last year in an economy that skirted the global recession and has led the developed world in raising borrowing costs.

Macquarie Group, the nation's biggest investment bank, returned to profit growth as markets recovered after the financial crisis.

"Whilst the rest of the world has higher bonus dissatisfaction than in Australia, we will see significant post- bonus turnover across Australia's finance industry as companies look to grow headcount in light of the economic rebound," said George McFerran, head of the Asia Pacific division of eFinancialCareers, which makes money by placing workers with employers.

"Companies need to gear up their retention efforts in order to prevent star performers from jumping ship."

Bonuses in Sydney averaged just over A$46,000, up 12 per cent from the previous year, compared with A$27,000 in Melbourne, where payouts jumped 44 per cent, the survey showed.

Australia's 13 per cent gain in bonus payments matched the rise in Singapore and trailed behind Hong Kong's 25 per cent advance.

Bonuses climbed 5 per cent in the UK, where 34 per cent of recipients were "dissatisfied", the same rate as in the US, according to the survey.

The survey was conducted between January 4 and February 14 and covered 6364 finance market professionals, including 1002 in Australia.

- BLOOMBERG