If you're thinking the significant drop in your bonus this year calls for a move eastwards to more promising shores of Asia or the Middle East, it might be time for a reality check. For while pay and bonuses in London and New York are expected to be hit seriously by the financial crisis, a top headhunter suggests things could be worse elsewhere.

Top headhunter Heidrick & Struggles has drawn on interviews with chief executives, operating officers and information officers from investment banking, asset management and private equity firms to outline likely trends in compensation and redundancy this year.