Investment banking salaries up 20 per cent

City A.M. Reporter
THE average basic salary for investment banking staff in the City has risen by 20 per cent over the last year, a survey by financial services recruitment company Astbury Marsden said on Friday.

As political pressure mounts on City firms to curb their end-of-year bonus packages, many companies have sought to offset this by increasing their basic remuneration.

Astbury Marsden said average base salaries for back, middle and front office level staff across all investment banks had increased to £97,500 from £81,250 last year.

Despite public anger at large pay deals for City staff in the wake of the credit crisis, many top performers remain in line for lucrative payouts at the end of the year.

A survey this week by recruitment firm Ambition said UK accountants were set for higher bonuses, while HSBC and Barclays banks told Reuters they had to keep competitive salaries to hold on to top staff.