According to the Financial Times, projected Inflation in the UK will be around 18.6%. Given that salaries in IB are already trailing that of other regions, weak currency and less wage increases than other regions. Why arent juniors revolting. Is not this fing insulting?
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The quality of people in IB in London is decreasing every year, and it’s going to get worse
but whats the alternative? not a whole load of tech jobs in London, IB/Law are the most lucrative careers atm.
Staying in your home country if you are from the continent
Pretty sure London actually got higher salary increases Vs other regions. FO salaries went from £50k to £70k. That's a 40% increase Vs $85k to $110k, which is less than 30% increase.
But yes due to inflation, most of the salary bumps will be largely inflated away by next year so standard of living will revert back to 2019 levels. A tale as old as time, which is probably why people aren't revolting.
Salaries havent been benchmarked on FX for over a decade so we can put that tired request to rest.
london FO starting salaries had been £50k since 2008 lol
Yeah I know.
What's your point?
Factually wrong.
They were increased from £45k in 2016. Historically London FO BB base has been £38k 2007, £42k 2011, £45k 2014
Yep but bonuses were lower this year so total comp is already virtually unchanged at most shops compared to 2019 after adjusting for inflation.
Good point. The onslaught of lower real wages continues.
Another thing I forgot to mention/ask, do bankers even have any leverage for higher pay right now? Deal flow has overall dried up a bit right?
A1 salaries are now €80-90K in Paris (and france has the lowest inflation rate in europe). Bonus overtime might be lower tho
What's insulting is the low wages everyone else in the country are getting and not being able to afford food, heating etc. Inflation will bite, but we won't be made homeless. Kids will be. Think about that next time you're complaining about your bonus.
Blame your idiotic leaders who can’t help but virtue signal over “Muh RuSsIa!” and climate change.
Ok?
That mediocre mentality is why these moves work. There is always people who are happy to lose purchasing power bc “others are being screwed over more”. Someone working a minimum wage job will also be happy bc “at least they get to keep their job”.
And yet, in the grand scheme of things life is increasingly expensive and your raises are below inflation/CoL. But hey, as long as its long and slow we shall criticize those workers who are asking to maintain their standard of living. What an outrageous demand in your eyes it must be.
No one on minimum wage is happy. This is a fantasy you have dreamt up to justify greed. I'm not saying we don't deserve our salaries, but put it into some perspective. We're the highest earners in society, we can afford to do more. I really would have thought the age of fucking Gordon Gekko "fuck the poor" bankers was over by now. What a shame people like that still exist.
Don’t twist my words to make your stance look better. It says a lot about you and nothing good. At no point do I say anything remotely similar to this “fuck the poor” nonsense you are claiming. My whole argument is that if you are being screwed over and you are ok with it bc “it could be worse”, then you are the #1 reason employers get away with this. Besides, I don’t know how much exposure you have to minimum wage workers but when I used to work at a kitchen in my younger days I met plenty of colleagues happy to just keep their job, even if they hadn’t had a raise in years.
Now, next time you want to have a debate please do so without pathetic attempts at fallacies. They make you look immature.
They're incentivized to stay in minimum wage jobs because of the benefits they're given
The people who are MS'ing: fuck you, hope you experience poverty
I'm already being taxed at 40%+ and I still feel poor.
This country taxes way too much and hands out money to people who don't deserve it.
How many of those people are pulling 80-120hrs week in week out, can get shit dropped on them 24/7 incl. weekends and Christmas and wouldn't even think of going on holiday without their work phone and laptop?
Europoors at it again
At this stage I wonder if Europeans just enjoy being poor.
European fees aren’t as good as US fees, therefore the pay won’t be as good. Also I thought most London groups raised pay…
They raised it but it is still shit :(
My IB raised pay to 100 Tesco Clubcard points. Pooled this together with the other analysts in my class to buy a lunchtime meal deal. Feels good to be living the high life. 👍
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