City workers in line for an average bonus of almost £125,000

City workers are looking forward to an average bonus of almost £125,000, according to a new survey.

Credit: PA

Staff in the banking and finance sector said they expect their annual reward to rise by an average of 21%.

The survey of 1,500 City bosses was carried out by recruitment firm Astbury Marsden.

Credit: PA

The sharp rise in payments comes ahead of a new EU cap on bonuses which comes in to force in January.

Staff in Private Equity are likely to get the biggest bonuses, with an average of more than £145,000 - 115% of their average salary.

Business conditions in the City have improved significantly over the last year, which is now translating to rising bonus expectations.

Despite shareholder and public pressure to limit bonuses and with the EU bonus cap now set to be introduced at the start of 2015, City staff clearly feel that their employers are in the position to reward them well.