Employee reward and benefits news
City trader bonuses higher than Wall Street
Bonuses for traders and sales staff working in the City of London are now higher than those enjoyed by US equivalents, according to a new survey.
Napier Scott Executive Search noted that the UK-based managing directors who work in exotic credit trading were paid an average of £150,000 in salary and £2 million in bonuses.
Their US counterparts witnessed £125,000 in salaries and £1.6 million in bonuses, according to the survey of 3,000 financial services employees throughout the world.
City workers experienced increases of 17 to 22 per cent on average during 2006, compared to ten to 15 per cent in the US.
Shaun Springer, chief executive of Napier Scott, was quoted by the Reuters news agency as saying: "Dollar fluctuation has obviously had an effect, but more importantly for the sustainability of London's pre-eminent position is the ever-growing size and appetite of financial institutions based in the UK and Europe."
In Asia equivalent derivative workers to London and the US earned an average salary of £130,000 and bonuses of £1.7 million.
