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Analyzing 8,065 salaries for front-office banking roles in
London, Frankfurt and Paris, Emolument found that London bankers
earned higher salaries than their German or French peers, from
entry-level analyst jobs right up to coveted managing director
positions.
London-based associates earned 100,000 pounds ($146,570) on
average, compared with 71,000 pounds and 70,000 pounds for their
contemporaries in Frankfurt and Paris respectively, while
directors earned 280,000 pounds - 98,000 pounds more than peers
in Frankfurt and 114,000 pounds more than Paris-based directors.
Despite the broad pay gaps, Emolument said some bankers could be
financially better off if they moved to Frankfurt, where the
cost of living is 60 percent lower than in London. In Paris,
however, a 35 percent reduction in living costs compared to
London would not fully offset the steep pay cuts a move to the
French capital would entail.
"Until now, prestigious banking jobs were usually to be found in
London; an attractive set of opportunities on the continent
could however give London bankers cause to leave the UK," said
Alice Leguay, Co-Founder & COO at Emolument.com.
If Britain does vote to leave the EU in a referendum on
Thursday, sources at some banks including JPMorgan <JPM.N>,
Morgan Stanley <MS.N> and HSBC <HSBA.L> have indicated they
could be forced to move front office and trading activities to
continental offices.
(Reporting By Sinead Cruise; Editing by Susan Fenton)
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