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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Bonus season has the promise of even greater riches for City workers this year after British and US banks scrapped EU-imposed bonus caps — but how will yours measure up?

With M&A activity on the rise, some UK-based bankers and lawyers are ebullient about their salary and bonus prospects for this year and beyond. However, increased payout ratios may come at the cost of lower base salaries, further concentrating rewards in the hands of top dealmakers.

For the fourth successive year, the Financial Times is asking readers confidentially to share their bonus round expectations; how they have noticed pay policies shifting and whether they intend to invest, save or spend any cash they are awarded.

FT 2025 bonus survey

Our survey can be completed anonymously in less than five minutes by clicking here. Or visit FT.com/bonussurvey

This year’s results are expected to be the first year that bonus cap changes will be fully reflected in the pay packages of top earners. Although the cap was removed in 2023, British-based banks have taken time to review and fully implement their pay policies, presenting a mixed landscape.

While European banks in London must still cap bonuses at twice base salary, Barclays and JPMorgan have decided to award so-called material risk takers up to 10 times their fixed pay, while Goldman Sachs has opted to cut base pay, but increase the bonus ratio to 25 times.

The legal profession is expected to be the other big winner this bonus season, as the arrival of big US law firms in the capital disrupts the market, fuelling pay wars for talent.

Readers will be able to tell us anonymously how any changes will affect their personal pay prospects, as well as altering competition dynamics in the wider recruitment market.

The survey also gives readers the chance to say how Labour’s first Budget has affected their financial planning, from the expense of paying VAT on school fees to how proposed inheritance tax changes make pension saving less attractive.

Last year’s FT bonus survey revealed that many well-paid professionals were squeezed by a combination of smaller payouts and higher interest rates.

Completed by nearly 3,000 FT readers, 58 per cent said their bonus had fallen or flatlined compared with the previous year, and there was a sharp jump [64 per cent] in the numbers of people who said they intended to use their bonus to reduce mortgage debts. However, half of respondents still intended to invest the bulk of any bonus payout tax-efficiently.

Changes to the banker bonus cap were in progress at the time of last year’s poll, but four out of five FT readers said they would prefer safety over glory, favouring a high base salary and a limited bonus, as opposed to a low base salary and an unlimited bonus.

The results of the anonymous poll will be collated and published in the coming weeks. Please ensure your answer reaches us by the deadline of Monday February 10, and direct any queries to our usual email address, money@ft.com.