City workers see their pay rise again
The pay packet for workers in the financial district jumped six per cent last month.
According to recruitment firm Morgan McKinley, the typical salary for someone in the financial sector hit £53,223 in July.
The rise was 30 times that of the average national wage rise.
Pay packages have increased as the banks fight to attract the best in the business.
Royal Bank of Scotland, which was bailed out by taxpayers money, faced criticism and questions over its management skills after it recently paid out £7 million to poach a top trader from a rival.
According to the Office for National Statistics, average wages rose less than 0.1 per cent between May and June.
Andrew Evans, of Morgan McKinley, said: "Hiring managers are looking for candidates who are the star performers in their field and they are offering competitive salaries to secure them."
New City vacancies coming on to the market in July stood at 3,528 - the second-best month so far this year.
Liberal Democrat party treasury spokesman Vince Cable said last month that banks should disclose the names and salaries of all staff earning more than £200,000, reported the Daily Telegraph.
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Comments
Supply and demand economics.
This is a slap to the face of all the people who've lost their jobs as a result of the economic crisis created by the city. I don't think they could have been more insensitive to all the families affected by their greed.
On top of that, we have Governments (Scotland and U.K) suggesting there will be cuts in public services as a result of the mass bail outs given to banks leaving the public purse short.
Not to worry - these folks will be able to afford private health insurance whilst the rest of us pay for their mistakes both literally and metaphorically.
In Scotland, this has been accelerated by the SNP "Government" refusing to continue the PFI / PPP initiatives set up by the previous administration without actually affecting an alternative.
I don't think there is enough data here to analyse exactly what has gone on. There is no historical data shown for more than the previous month on average city salaries.
It could be that the average salary dropped over the previous year or so with the fall out and loss of lots of city jobs at the higher end as well as the lower paid. The re-hiring of people at the upper end would thus boost the average again.
It could also be that the average salary has risen as a result in a change in the make up of jobs - e.g. a lot more higher end compliance roles are now required.
Without more information the statistics are just statistics with no context.