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City worker pay rises by 12%, shows research

Pay for executives working in the City has risen by 12 per cent, a new study has revealed.

Research by recruitment firm Astbury Marsden, which looked at salaries for the 12 months to October, showed that the average wage in the City of London now stands at £83,000 while salaries for managing directors has increased by 21 per cent to reach £237,000.

The biggest pay rises went for those workers who either changed jobs or were promoted - these employees saw wage increases of 20 per cent and 15 per cent respectively.

Mark Cameron, chief operating officer at Astbury Marsden, said: "Pay rises in the last six months were far rarer and now City employees are expecting the impact of the eurozone crisis to produce very weak bonuses.

“As the banks can no longer offer those kinds of packages because of changes to the FSA's Remuneration Code, they are forced to attract talent by offering high base salaries.”

Meanwhile, a second piece of research by the recruitment firm showed that the number of new jobs in the City fell by 18 per cent during the last month.

The figures revealed that 3,160 City jobs were created in October which was down from the 3,840 created in September.

By Jim Ottewill