SENIOR HSBC bankers based in London are getting less than half the pay of their non-UK counterparts, figures released by the bank have shown.
UK-based senior staff pocketed an average of £1.22m in total pay last year, of which £927,000 was bonus payments, whereas equivalent staff based outside the UK took home more than double that, with average pay of £2.59m of which £2.14m was bonus.
Most of the more highly paid staff are based in emerging markets in Asia and Latin America, where HSBC highlighted the growth of wage inflation during its annual results released on Monday.
The numbers show that base salaries are relatively more important for UK staff, with three quarters of their pay coming from bonuses versus over four fifths for non-British employees.
The disparity in pay between UK and non-UK staff will fuel fears that the City could lose out in the competition for top talent.
The data follows revelations by City A.M. last month that “regretted losses” – the departure of top-rated staff that the banks have tried to keep – are on the rise at both Barclays and RBS.