Renewed demand for trading skills and experience means that UK workers are once again claiming the top City banking jobs – compared to two years ago when their European counterparts could expect to earn salary packages up to 25% higher.
A survey of almost 16,000 candidates by City headhunters, Napier Scott, shows the average UK national has seen their salary fall by 5% in the past two years, and now earns around £159,000 in salary and bonus, down from £167,000 in 2001. However, a 25% fall in earnings for their European counterparts in the City has taken their average down from £212,000 to £157,000.
Shaun Springer, CEO of Napier Scott, said: “Trading jobs, where UK nationals have always lead the field, have jumped from 30% to over 40% while analyst jobs have virtually halved, and sales have experienced cut backs.”
The survey also shows that almost one in four UK candidates boast a second language – compared with less than one in ten in 2001.
Similarly, the number of UK candidates with a Masters degree is now nearly on a par with European candidates, having shot up from only 3% in 2001 to 20% today.
