City financial staff see average pay rise again

Average pay for financial employees in the City rose again last month, as confidence in the capital continues to return.

According to recruiters Morgan McKinley, average pay for financial sector workers in London rose to £53,233 in July, up 6% from June, but down 1% from a year ago. They also found that improving confidence within the City has led to renewed competition for “star performers”, Reuters has reported.

Andrew Evans, managing director of financial services business at Morgan McKinley, said: “Hiring managers are looking for candidates who have multiple skill sets and who are the star performers in their field, and are offering these individuals competitive salaries to secure them.”

While City pay continues to rise, the chancellor has signalled that he will change the law to curb City bonuses, to ensure executives who take significant risks are not rewarded.

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