Anyone else think pay in London is horrible now
£65k base salary for An1 is now not even $70k USD
Meanwhile NYC an1 getting paid like what, $110k?
I feel like a dweeb
Sep 29, 2022Sep 29, 2022
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Comments (45)
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This guy has no idea what he's talking about
Agreed, I don't know why you're getting MS for this.
I feel poor even though I'm on 6 figures.
When I was analyst 1, pay was £45k and costs were exactly the same as today (maybe rent has increased slightly...). Stop complaining and go work on your slides.
Costs were exactly the same as today? That's patently false
Except rent, what are the significant costs that an analyst 1 in M&A typically incur?
Listerine has gone from £2.05 to £2.40? Tesco's finest chicken breasts (for your one dinner a week out of the office) from £3 to £4?
If you want to buy, stamp duty is lower than in the past, and real estate prices in London have been down since 2015 broadly.
GBP is losing value so your summer holidays may be more expensive, fine, but it is hard to feel sorry for you while London financiers are probably the least struggling group in the UK and the ones benefitting the most (or suffering the least) from the new hard right-wing government.
"Yeah you are being screwed over but there are people being screwed over more so you can't complain"
Flawless logic, that attitude will for sure make salaries keep with inflation
Actually, as london financier you get screwed the most:
Thanks god the government is realizing that and is trying to fix it
Don't forget your size 50 shoes you absolute fucking clown.
Imagine calling a 40% tax rate "hard right wing".
Do you only buy Listerine and Tesco chicken breasts ? or did your whole grocery haul increase by ~15-20% since the beginning of the year ?
This comment reflects is why the industry will never improve.
Lmao
stamp duty down but house prices up 20% since pre COVID
double digit reported inflation (which is obviously understated)
average household paying 2.5k/yr on energy alone (despite govvie cap)
even big 4 had to raise starting salaries after 10+ years of holding them flat…
You're doing yourself a disservice by comparing yourself to US wages. There is a huge discrepancy between US and UK / Europe for nearly every white collar job that exists. You'll never been a parity on a cost of living adjusted basis (London is damn expensive, I was living there until 4 months ago - not to mention the income tax rates in the UK are brutal compared to the US). Just do your best to earn as much money as you can in your current market, which is likely to be the path you're currently on. If you have an opportunity and desire to change geographies, go for it, but you'll be beating yourself up throughout your entire career if you always compare to the US.
CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
Euro partners raking it in though. Since the mgmt fee for European funds is the same but their compensation expense ratio is lower. Plus easier to play games with taxes given territorial taxation
Post was in IB forums and referenced analyst pay, so I assumed the complaint was IB-based rather than PE? PE introduces a whole new set of dynamics when it comes to taxes and geography.
CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
Good life advice uk/euro boyos. If you ever try and compare yourself to us yanks, you will just be disappointed.
To paraphrase this: Get used to being poor, Europoor.
What about the thousands that make 30-40k in London (which is a more realistic salary for most people outside finance)?
They at least have WLB
Go on and do that then if you think it's better
Literally this: https://en.wikipedia.org/wiki/Whataboutism
Bruh, idc about your shitty Wikipedia page. Just saying that most people don't work in high paying jobs and still make it work. That forum is a bubble of people earning 6 figures and asking "can I survive with that?"
What did you expect? Europe is a middle-income continent with high taxes and limited to no growth opportunities. In some countries like Germany you can offset lower salaries with lower COL, but London doesn't have this advantage. If you want to make money you need to emigrate to the US or Asia. Otherwise suck it up and be glad that at least you still get 25 days statutory holiday.
For comparison, the wealth gap between the US and UK is now equal to the gap between the UK and Poland. The rest of the developed world outside of the US is falling into the 'middle-income' trap that has afflicted Latin American and Southern European countries for decades. You can call it 'Italianisation' or 'Japanification' but the bottom line is that there are few silver linings from an income and wealth creation perspective if you are not an American these days.
But I thought america was terrible?
I run a team with operations in London and New York. I live in New York but have lived in both.
Today, New York is quite a bit better from a $ revenue per banker perspective, and therefore $ comp. These things are cyclical though. The 90s and noughties were more profitable in London, the last 14 years New York. Our institutional view is that London is going to weather the market storm (from a banking revenue perspective) better than New York, partly because it was not nearly as inflated. We also see larger growth opportunities in European capital markets because they are more undersaturated. Ultimately, where London becomes the powerhouse is when EM shines which hasn't happened in a long time. But these things are cyclical and I could forecast a massive EM book if / when things settle in the Ukraine. We are still investing heavily in London, more so than any other market. And to address the elephant in the room - negligible impact from brexit
London is an order of magnitude better from a banker quality of life perspective especially as you get more senior - schools, family life, safety, housing, vacations. And at American banks bonus pools for MDs are dollarized. There is zero bid in my team for bankers to shift to NY. Hell even I miss London.
God being a europoor with a US passport is harrowing sometimes when you peek comp numbers across the pond.
I think one issue is that lots of pay is roughly indexed off a ~1.5 sterling - dollar exchange rate. That would still have us below the yanks but it becomes much more equitable.
One group I do envy is the fucking swiss. I know some medium IQ lad in investor relations with 3 YOE on 240k CHF. All with like 20% taxes...
US has always offered a better comp - although the grind at junior level is much more brutal than in London.
Banking salaries are never adjusted to FX, you still make more than twice the salary of an average Londoner, so don't dare to complain about the cost of living.
I'm sure the average Londoner has the same hours and WLB as bankers.
Yes...
it's tragic..............
there is no upside in this situation
That's the tax you pay for not having to fear your kids are going to get shot up at school
A lot of people talking about the U.S like the majority of Europe doesn't see it as a third world country when it comes to living standards etc lol
Yes the pay parity is heavily skewed in favour of NY bankers especially after the dollar surge. But it would be ridiculous to claim that an average NY banker works the same hours as an avg London banker. The key term being average. Ofcourse your team could be a sweat shop, but in general NY bankers work under a lot more stress on average.
Never seen that in my experience tbh. What I generally saw was that the US guys had less holidays but better average wlb during the week.
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