European finance workers extend pay gap over US counterparts

The pay gap between US and European financial workers continues to widen with Europeans receiving in excess of 10% more than their US counterparts, according to a survey.

However, the survey of salary and bonus awards by Napier Scott found the average level of bonuses in the City of London has tumbled by 7%.

Shaun Springer, chief executive of Napier Scott, said that despite cuts in bonuses, financial institutions would increase recruitment in 2005.

“Because of the amount of uncertainty in the markets, we anticipate 2005 will prove to be a mirror image of 2004 in terms of hiring,” he said. “Whereas 2004 enjoyed a hiring spree in Q1 and Q2 with brakes being applied in Q3 through to Q2 2005, this year we expect hiring activity to increase substantially in Q3 and roll into 2006.”

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