Morning Coffee: ‘Average’ front office banking job now pays £600k. Where is Michele Foresti?
New banking pay data, provided by salary-checking website Emolument and published in the Financial Times suggests that the average M&A banker/capital markets professional/trader working in the City of London today is earning £600k in combined base pay and bonus. £600k! Nearly $1m! This sounds unusually generous, particularly in light of banks? attempts to rebuild their ?pyramids? by adding junior staff whilst shedding senior ones. However, the standard London-based financial services professional on £600k may be less well off than he/she used to be. ? In 2012 and 2013, Emolument thinks the average trader in London was earning £100k more. But traders? pay has fallen and the FT notes that a new spirit of egalitarianism has struck the banking industry. Traders are no longer the top earners. In 2014, traders and bankers are paid the same.
This article was published in Efinancialcareers, 15th September 2014