UK NEWS
FAT CAT CITY WORKERS GIVEN 6% PAY RISE ON SALARIES
FAT CAT: City workers have been given a 6% pay rise
By Nicola McCafferty for express.co.uk
FAT cat City workers have been rewarded with a six per cent rise on their pay packets, just months after taking the world to the brink of financial ruin.
Competition for "star performers" in the City has dramatically boosted salaries, with workers taking home around six per cent more cash between June and July, a survey revealed today.
Despite the taxpayer being forced to fork out billions to bail-out Britain's beleaguered banks, financial workers and bank staff in London earn a basic salary of £53,223 thanks to the month-on-month hike, says Morgan McKinley.
The news closely follows the Government revealing the number of people out of work has soared to 2,435,000 - the highest for 15 years - and almost one in six of the working population are now crippling the economy by living on unemployment benefits.
The recruitment firm added pay is still 1 per cent lower than a year ago, but confirmed jobs activity across the sector showed early signs of a recovery after the financial crisis.
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With slightly more competition between employers to secure the very best talent, the average City salary crept up last month
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Andrew Evans, the company’s financial services boss
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New City vacancies coming onto the market in July stood at 3,528 - the second best month so far this year, despite a seasonal summer drop of 7 per cent since June.
Morgan McKinley largely recruits for middle and back office financial services workers and its figures do not include jobs and salaries for very highly paid roles such as investment banking traders.
However, it has emerged recently that banks are also beginning to splash out again on star traders as world stock markets recover.
Barclays and Royal Bank of Scotland have been poaching staff to beef up their investment banking capabilities in recent weeks, reportedly forking out multi-million pound pay and bonus deals.
Morgan McKinley said it appeared banks and finance firms were prepared to pay more to secure top talent as market conditions improve.
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Andrew Evans, the company’s financial services boss, said: “With slightly more competition between employers to secure the very best talent, the average City salary crept up last month.
“Hiring managers are looking for candidates who have multiple skill sets and who are the star performers in their field and they are offering these individuals competitive salaries to secure them.”
The number of new candidates looking for work also rose on a month earlier, by 9 per cent, in a sign that employees are starting to consider new opportunities.
But compared with a year earlier, the survey results reveal recruitment is still some way from recovering to pre-crisis levels.
New vacancies in July were down by 59 per cent on a year earlier and the number of those looking for jobs continues to far outstrip roles - 8,250 versus just 3,528 jobs,
Mr Evans said there was still cause for optimism: “While recruitment continues to be at very suppressed levels compared to 2008, hiring is occurring across most areas within the City’s financial services industry, particularly at the manager level and above.”
GOOD LUCK TO THEM
18.08.09, 5:49pm
Wat really gets me is the envious lot that yearn for big money/bonues but cn'tet them because they have not earn't them!!
These people have worked damn hard and that is a fact.
When/if they do less well, no bouns, simple as that.
Alistar
• Posted by: MrsAlistarBrown • Report Comment
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