YOUNG City of London execs have enjoyed wage rises of 12% over the last year and bonuses for their bosses are back to pre-slump levels, according to new surveys out today.
Popular on LondonNet
“There is a serious shortage of junior salespeople, analysts and other support functions,” said Jonathan Nicholson, MD of Astbury Marsden, the recruitment firm behind the survey.
“Banks and fund managers are now having to pay through the nose to get them.”
Those in the category referred to by Nicholson now earn an average of £70,000 a year, about three times the national average wage.
Meanwhile, research by business consultants Deloitte found that the average bonus for board members of the top 100 companies listed on the London Stock Exchange was 100% of their salary, which is about the rake off they were getting back in 2008.
It’s an even richer story for the top 30 companies, whose directors are now creaming off 140% of basic salary in bonuses.
These top executives have had their salaries frozen in 50% of cases, according to Deloitte but, given the bonus breakout, it looks like they have done so for appearance sake.
Even London Mayor Boris Johnson, one of the few to defend bankers in the immediate wake of the credit crunch, is fed up with the City crowd’s bonus culture.
“Those distinguished, intelligent, highly remunerated people have got to understand the political consequences of doing nothing about the huge bonuses they are about to receive,” he said.
