London bank pays zero bonuses for third year running

If you work in financial services in London and you want a bonus, you might want to avoid UK-focused mid-market banks. It's bonus season there, and the bonuses are not always happening.

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Insiders at Panmure Liberum, the UK-focused independent investment bank formed last year from the merger between Panmure Gordon and Liberum, say that bonuses have been zeroed again this year, for the third year running.

"We were told last week that there will be donuts all round," says one insider. "This is the third time for many of us."

Panmure Liberum declined to comment. The disappointment comes after Panmure Liberum cut jobs in January, with Liberum people at the sharp end of the cuts. Sources at the bank say Liberum typically paid bonuses at the end of January, but that the combined bank aligned bonus payments with Panmure's calendar. People were therefore waiting for payments, only to find that they won't happen after all. 

Rival UK firm Peel Hunt is due to announce bonuses next week and the expectation is that it won't pay good bonuses (again) too. Peel Hunt's share price is down 23% since December and it's been complaining of a lack of UK IPO activity, while predicting a resurgence in Q2. German rival, Berenberg, has been poaching Peel Hunt people. 

Panmure Liberum is run by Rich Ricci, the former Barclays executive and one time back office guy who retired from the bank in 2013. Ricci is a long term protégé of Bob Diamond, whose Atlas Merchant Capital owns Panmure Liberum. Ricci has a lucrative horse racing side hustle and may not suffer too greatly from poor bonuses at the firm he now runs. 

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