However, bonus payment to financial staff still made up 36 per cent of the overall amount of bonuses paid, according to the Office for National Statistics (ONS), even though just four per cent of all employees work in the sector.
Part taxpayer-owned banks such as the Royal Bank of Scotland (RBS) and Lloyds came under pressure to limit bonus payments to staff as the taxpayer sits on a loss after the banks share prices slumped over the last 12 months.
RBS Chief Executive Stephen Hester waived his £1 million bonus for the second consecutive year and lloyds boss Antonia Horta-Osorio also declined to take his bonus.
The outrage over bonuses also led to the then Barclays Chief Executive Bob Diamond to announce he would not take his bonus. He resigned later in the year over the Libor scandal.
The furore has led to many banks changing their remuneration structures and offering higher base salaries and lower bonuses.
The £12,000 bonus payment represents an almost 50 per cent reduction in bonus payments made to bankers, insurers and other professionals in the financial services sector since the peak in 2007-08.
However bonuses in the financial sector are still almost double the level they were nine years ago in 2002-03, showing just how much the banker bonus culture became established in the five years between 2002 and 2007.
However, many people will still be angry that bonuses remain so high. Households who are struggling with the biggest squeeze on income since the 1930’s ordinary employees in financial services who are clinging to their jobs or who have seen thousands of banking colleagues made redundant and savers who are struggling to beat inflation as interest rates are low, partly as a consequence of the financial crisis.
Despite the continued poor performance of the economy, bonus payments across the overall economy in 2011-12 increased by three per cent to £37 billion, an average of £1,400 per employee.
But finance workers received an average bonus of nearly nine times this amount, £12,000, according to the ONS. This was down by £1,500 on 2010-11.
The overall increase in bonus payments was caused by bonus increases in the rest of the economy rather than in the financial services.
Bonuses paid to professionals outside the finance sector were almost as high as they were at the economic peak between 2006 and 2008.
Behind financial services staff, came employees in mining and quarrying who received an average bonus of £6,300. In third spot were information and communication employees who got an average of £3,800.
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