City workers expect an average bonus of 24% of basic pay for 2011, down from 2010’s expectation of 35%, while one in eight expect no bonus at all and just over half are not sure whether or not they will get one, according to data from recruiter Astbury Marsden.

Managing directors have the highest bonus expectations at 70% of salary, while M&A staff at investment banks are hoping for 60%.

According to the centre of business and economic research (CEBR), City bonus payouts in 2010 dropped 8% from 2009 year to £6.7bn. The CEBR expects a further 38% fall for bonuses in 2011, to £4.2bn.

Chief operating officer at Astbury Marsden, Mark Cameron, says: “The recent redundancy programmes may have helped bonuses slightly as they have the side-effect of reducing the number of team members among whom the bonus pool needs to be shared.

“However, despite the ongoing redundancies in the City it is inevitable that there will still be many City workers disgruntled with their bonuses in the New Year.”