Bankers working in mergers and acquisitions are doing better in the bonus department than their colleagues in other parts of investment banking, despite a 20% drop from the previous year.

At £80,000 the average 2016 bonus is still a healthy number, but it's a significant fall from the £100,000 paid in 2015. That's according to a study of 648 vice presidents - those a few years into their banking careers but who haven't yet made it to MD or partner status - at London investment banks by salary benchmarking site Emolument.com.