UK investment banks are doubling base salary levels in an attempt to win back staff shed during the height of the financial crisis, industry experts have claimed.
Robert Iati, global head of consulting at research firm TABB Group, told Bloomberg that many of the investment bankers who joined brokerages are being lured back to their original posts.
"We have begun to see a boomerang effect," he stated.
"The larger banks are feeling a bit more secure in hiring back some of those traders from the smaller guys."
His comments were backed up by Daryl Bowden, co-chief executive of the equities unit of London-based brokerage ICAP, who stated that salaries were being doubled and compensation offers lifted.
He said that was partly due to the fact that the banking sector in the UK was now operating with limited risk, making it more attractive to employees.
Last week, the Guardian reported that investment bankers at Barclays were in line for pay rises of up to 150 per cent.
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