Our average salaries are calculated using job titles from Michael Page placements and advertised roles in the last 12 months. However, the diversity of both job titles and financial institutions within the city of London and the wider financial services arena, make it impossible to give generic average salaries for specific job titles.
Below is a brief explanation of factors that may affect salary levels. For more detailed information please contact your local specialist.
Type of institution and anomalies
While retail, commercial, corporate and investment banks often share job titles (analyst, associate, VP, director, for example) there can be a significant difference in salary for the same job title; a director in retail banking might be paid £75k whereas in investment banking, they could be earning £220k.
Even within the same division of an investment bank there can be variations in salary; five years ago an associate would earn £50k and a director in the same team would earn £120k. Due to the shortage of associates and surplus of directors, the associate could now be on £130k and an under-performing director on £150k.
The current focus on bonus culture and EU regulations limiting bonuses to 100%/200% for many institutions, mean that many banks have adjusted (‘rebased’) salaries to balance out a reduction in bonuses. However, not all financial institutions are affected by these regulations causing further anomalies.
Need bespoke salary information?
Our very experienced front office banking specialists, both within Michael Page Banking & Financial Services and Page Executive’s Financial Service practice produce an annual survey. For more detailed information or bespoke salary benchmarking please, contact your local specialist.