Astbury Marsden research: City pay rises 12%

Average base pay in the City has jumped 12% to £83,000 in the last year, according to research by financial services recruitment firm Astbury Marsden.

The research, conducted among 1,380 City professionals, found that the base pay of managing directors saw the biggest rise, up 21% to £237,000.

Pay increases for City workers who changed jobs was up 20%, while staff who stayed with their existing employer saw an average pay increase of 8%.

City workers continue to be optimistic about their pay next year, predicting base pay to increase by 8% on average.

Mark Cameron, chief operating officer at Astbury Marsden, said: “A lot of the pay rises that fed this big increase to average City base pay were awarded in the first half of the year when the confidence among the banks was high.

“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.”

Read more articles on pay rises in the financial sector