24 Feb 2009

‘We need a pay rise’ bankers demand

Senior City bankers are demanding pay rises of up to 10 per cent this year to make up for the clampdown on the bonus culture, a senior City head-hunter has told The Independent.

“Base salaries are being increased by somewhere between 5 and 10 per cent, by rule of thumb, to compensate for an overall fall in the remunerative package,” said Mr Springer.

“This is being done in recognition of perhaps a long-term change, in which one can envisage basic salaries in the long term doubling or tripling or quadrupling compared to where they are today and bonuses falling by as much as 80 per cent.”

The Independent