Hi,
I'll start to work as a 1st year Analyst in IB and wanted to have a better view of signing bonus and relocation fees in London.
From what I know, standards seem to be: - signing bonus: 6-7k pounds - and some banks pay one month at the hotel so you can find a flat
Many thanks!
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I had three offers for FT London. One at BB paid £6k sign on and no hotel malarkey. The other two (e.g. HSBC,RBC,BNP,MAC) , paid nothing. Hope that helps.
Had same experience - amongst people in my graduating year (almost every BB and EB represented), it seemed that BBs paid £5-6k in relocation bonus, some american EBs were upwards of £10k. Only ever heard of JPM paying for hotel (2weeks), but could be others who do it too.
monkeyseemonkeypoo @MrOppenheim" , thanks for the answers! Indeed it seems that only JPM is paying for hotel
Do London banks give you meal allowance if you stay past a certain time?
Barclays does
Pretty much all of the notable banks do and enough for a cab back home
Even a smaller industry-focused bank I interned at gave us £15 for dinner and paid for the taxi home.
Of course
And do they have a canteen?
Offer from a European BB in London - no signing bonus. Not sure how common they are in the UK?
For those of you going into finance in London, you should (at the very least) learn that the currency code for the British pound is GBP. No one uses 'PS' for 'pound sterling'. No one.
I think the site somehow changes the pound symbol to "PS" after adding the comment mate
£ Yep just tried it ^
Relocation Allowance London (Originally Posted: 06/11/2010)
Hi,
I was wondering if anyone had experience with the relocation allowance tax? For London you are provided £1000 less statuatory deductions. Does anyone has an idea how much is left after the deductions?
Thanks!
Friend got around £670 after taxes
damn quite a lot of taxes
It's the UK lol. What do you expect?
Is GBP 1000 your whole relocation payment? I've got quite a bit more. Is it not taxed as regular income tax?
Also my contract mentions that I could be given a flat if moving from overseas, which I technically am. Have I misinterpreted this? I ask because it seems quite generous, on top of the relocation payment.
^ He's likely referring to an internship, while I think you're talking about FT.
If your contract says they give you a flat, they give you a flat.
sorry, this is indeed for interns
My bad.
About the flat, my eyes must be deceiving me because I looked through the contract again and can't find that part. Maybe it was in the handbook instead, but anyway the relocation clause states that the payment is for temporary housing etc so I'm sure there's no free month of living for me!
The first 6,475 is tax free, so if you haven't worked (excl. cash in hand) prior to your internship then you'll get 1,000 relocation with no tax deducted. BUT, you might have to pay some national insurance on your 1,000 - although it depends on how you'll receive your relocation (i.e. a separate payment, or in your first pay check, etc.)
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