The worst-hit city for banking compensation this year? London, where bonuses plunged 62%. The worst asset class for pay cuts? Structured credit, where pay fell 86%. Knowing which sectors are most resilient to the bonus axe? Priceless.

Private bankers' overall compensation fell the least, while consistent volatility in the currency markets enabled foreign exchange traders to endure the least pain when it came to bonus cuts across asset classes this year, according to the latest annual salary and bonus survey conducted by recruitment consultant Napier Scott. The firm polled nearly 4,000 front-office bankers from associate rank up to managing director level.