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Browse through this forum and you should find a lot of explanation. But here's the short version

  1. London comp was set kind of equal to NYC when GBP was much stronger against USD. Now GBP has weakened during the last few years
  1. Even then the comp is not that much lower compared to other industries. Like the delta between banking salaries between London and NYC is much lower than the delta for consulting or the likes. In the end, it kind of trickles down to the PPP difference between both cities to an extent
  1. As an extension of the above point - Lack of other high paying opportunities, especially in tech. The firms know they pay the highest and that too by a margin and doesn't feel the need to adjust it for thr FX difference that has happened

That said, there are still a lot of US based MFs who pay your salary in USD and that equals NYC pay.

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