'Salaries soar' for the City's junior staff
It is no longer just fat-cat bankers who are enjoying bumper pay rises in the City.
Junior staff have seen a huge boost in pay rates over the past three months as banks and fund managers rush to fill jobs they kept on hold during the financial crisis.
Recruitment firm Astbury Marsden said junior staff — those with less than four years experience — have enjoyed an inflation-busting 12% rise in average salaries over the past 12 months. An assistant vice-president's average salary is now £70,480.
Jonathan Nicholson, Astbury Marsden's managing director, said: "Up to now the big jumps in pay created by the recovery in City recruitment have gone to the more senior staff.
"Banks and fund managers have focused on getting in the more experienced staff that have portable client bases, the proved rainmakers and those with rare niche skills that take years to develop. But now those lower down the pyramid are starting to see their wages grow significantly."
