Senior professionals at banks operating in the UK are receiving average annual pay awards of £1.8 million ($2.8 million), new research has shown.
Data obtained through an investigation by the Guardian revealed that the typical salary packet for 1,265 high-ranking members of staff at eight major companies in the British financial system was this seven-figure sum in 2010.
This represents a contract worth 75 times the average salary of £25,900 in the UK, meaning the government is likely to face more calls to increase its efforts to tackle excessive banker wages.
For instance, individuals with significant influence on risk-taking decisions at Goldman Sachs were rewarded with the highest average wages of £4 million during this period, while their counterparts at HSBC were remunerated to the tune of £1 million.
Recently, a source from major US financier Goldman Sachs told Bloomberg their company is cutting the wages of its investment and trading staff by between 20 and 30 per cent.
By Tony Aynsley
