Morgan McKinley research: New joiner salaries in financial services firms up by 3%

The average salary for those securing new roles in August rose by 3%, compared to the previous month, according to research by Morgan McKinley. 

The Morgan McKinley London employment monitor found that the average salary for new roles was £52,239, marking a continuation of financial services institutions keeping salaries for new employees relatively stable.

Andrew Evans, chief operations officer at Morgan McKinley Financial Services, said: “Average salaries for those starting new jobs in August, compared to professionals who started the previous month, have risen only marginally.

“Financial institutions are very much focused on cost reduction, so it is no surprise that pay at all levels has remained relatively static for new joiners.

“At the very senior end of the market in certain areas, the picture may differ as institutions have changed remuneration structures while continuing to compete for key hires.

“The situation for the average City worker moving roles, however, is that remuneration remains stable.”

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