LONDON — Bankers in junior positions in the City of London who work for British-headquartered banks picked up bonuses of just a quarter of what those working for American institutions in the UK earned, new research shows.
Salary-benchmarking site Emolument released its latest survey of finance workers’ bonuses on Friday, and it sheds stark light on how much bigger the bonuses for front office staff at US-based lenders are.
Surveying over 1,600 bankers across London, Emolument found that analysts — the most junior full-time front office position — working for British lenders picked up an average bonus of £5,000 to top up their £50,000 salary. That compares to a £20,000 bonus and a £58,000 salary for workers at the likes of Goldman Sachs, JPMorgan, and Morgan Stanley.
Analysts at continental banks including BNP Paribas, Credit Suisse and Deutsche Bank are in between the two, with an average bonus of £7,000 to top up their £50,000 salary.
Discrepancies between UK and US lenders in terms of pay remain as seniority increases, although the gap narrows somewhat in percentage terms with, associates getting £32,000 compared to £45,000, vice presidents seeing a £60,000 bump compared to £100,000, and directors at UK banks getting an average bonus of £115,000 compared to £155,000 at US institutions.
Here is Emolument’s handy chart:
Commenting on the site’s findings, Alice Leguay, co-founder and COO said: “While stringent regulations have capped bonus amounts substantially in the last 10 years, the banking industry is still by far the best paying sector with many bankers earning close to 100% of their annual base salaries, which have been hiked to compensate for a decline in bonus amounts.”
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