City workers are now feeling the pinch as the credit crunch bites. The average salary paid to financial services professionals in the Square Mile has dropped below £50,000 per year, according to new research from recruitment specialists Morgan McKinley (external website).
According to the survey, the average City salary stood at £49,893 per year in September 2008, down 1% on the figure for August (£50,429, according to last month's Morgan McKinley survey (external website)) and down 3% when compared to the rate recorded a year earlier.
Hopefully they will take some comfort from the fact that this figure is still worth double the median salary for full-time adult employees across the whole economy, which stands at £24,002 per year according to latest official data (subscription required).
Our recent IRS round-up of finance sector reward trends (subscription required) found that pay awards in the sector remain strong for now. However, the credit crunch is expected to have a pronounced effect, with the 2008 bonus round (which pays out in January 2009) likely to be hit particularly hard.
- Has your organisation recently carried out an annual pay review? If so, and if it has now been settled, please get in touch so that we can add your organisation's pay award to the IRS database.
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