Banking jobs are moving out of London – or are supposed to be. Credit Suisse may have been one of the biggest recruiters in the City in 2015, but it’s busy moving 30% of its staff (at least) to locations like Dublin. Deutsche Bank is moving structured credit trading jobs to Birmingham in the UK. Bank of America is moving staff to Chester. London’s star is falling.
The latest Robert Walters salary survey helps explain why. On average, banking employees in London are paid 115% more than banking employees in the Midlands – for the same jobs.
The biggest discrepancies are in the hottest, highest paying compliance jobs. Compliance advisors in London can expect to earn a maximum of £100k after five years. In the Midlands, the comparable figure is £40k. Compliance monitors in London can expect to earn a maximum of £90k after five years. In the Midlands, they can expect…£35k.
Time to prepare for a move up north?
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Photo credit: Look after the pennies and the pounds will look after themselves by Tristan Martin is licensed under CC BY 2.0.