NB Real Estate has deferred the payment of bonuses to all staff.
The decision of whether to pay bonuses at all, how large they will be, and when they will be paid has been delayed until later this year.
Mike Hatt, chief executive officer, said: ‘NB Real Estate has deferred the assessment of all bonuses for the year ended 30 September 2007. No decisions at all have been made yet regarding bonuses which, in previous years, have been paid in December and March. The assessment will take place in the early part of 2008.
In such an uncertain climate we believe that it is prudent to wait until the new year before finalising a decision when we should be easier to see how the new market conditions will effect our clients and our business. Our staff are fully aware of this decision.’
A spokeswoman said the ‘money is there but it is prudent in this climate, where the economy is in turmoil, to delay the decision.’