I work London finance. Bonuses are a big part of the pay package (in many cases over 100% of your base, sometimes even 10x base for guys who work on successful

I work London finance. Bonuses are a big part of the pay package (in many cases over 100% of your base, sometimes even 10x base for guys who work on successful algo-trading projects). Every place I've received a bonus from gave me a gigantic, in-very-clear-terms, no-nonsense page to sign that said I acknowledge the this bonus is discretionary, it is not to be expected, there is no expectation to ever receive another one, etc. This is most likely done because everyone expects to get some kind of a bonus (if you don't receive a bonus, unless the company is basically going bankrupt, that's a really, REALLY strong sign that you should probably your bags up and GTFO). It is considered part of the basic pay package, but then again, one of these years, there might not be a bonus, and they want to make it absolutely clear that you can't expect one in that case. The reason for this is that most hedge funds pay bonuses out of their performance fees, and if you have a shit year in the market, there isn't any money to pay bonuses.