The number of IT staff in the City who receive bonuses has boomed in the last year, with UK heads of IT now earning packages of up to £275,000.
The minimum guaranteed bonus, once restricted to traders, is today much more prevalent. Core IT staff, in particular those in infrastructure and support roles, regularly receive 100 per cent bonuses, according to a survey by specialist financial markets recruitment firm Sheffield Haworth.
Stock options for senior IT managers have also gained in popularity, thanks to a knock-on effect from the dotcom phenomenon.
"Last year, many financial institutions focused on developing new trading systems. The focus is now on getting connectivity into those systems," said David Pitts, a senior associate at Sheffield Haworth.
"People who have the right technical skills and the aptitude to apply those in the business environment stand to earn big money," he added.
Also published in Computing
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