They really don't get how disliked they are now.
But they will...
Senior City bankers are demanding pay rises of up to 10 per cent this year to make up for the clampdown on the bonus culture, a senior City head-hunter has told The Independent.
Shaun Springer, chief executive of Napier Scott, which specialises in recruiting senior bankers for posts in Europe, Africa and the Middle East, said bankers were attempting to rebalance their financial packages in favour of higher salaries. And he predicted that, over the next few years, city salaries could more than double to compensate investment bankers.
“Base salaries are being increased by somewhere between 5 and 10 per cent, by rule of thumb, to compensate for an overall fall in the remunerative package,” said Mr Springer.
“This is being done in recognition of perhaps a long-term change, in which one can envisage basic salaries in the long term doubling or tripling or quadrupling compared to where they are today and bonuses falling by as much as 80 per cent.”
“People used to, say, earn between £100,000 and £150,000 and receive bonuses of 10 times multiples of their base salary,” he continued. “But a trend is now developing where someone has a basic pay of, say, £300,000 but with bonus multiple of only two or three times that.”
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