Base salaries 'little changed'

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Base salaries for operations and support staff in fund management and investment banking are little changed from a year ago, according to a survey in London by the recruitment company Banking Additions.

'The results are mixed,' says Jim Maddison, regional manager of Banking Additions. 'Salaries for most posts have drifted up, but for a few they've come down.'

A fund manager's assistant with three years' experience had an average salary of 30,000 (€47,400) early this year, compared with 28,000 a year ago. But a compliance officer with the same experience was taking home 33,000 in base pay, the same as last year, while a tax reclaims clerk's average salary had fallen from 27,000 to 25,000.

Maddison says there is some caution in banks' hiring so far this year because of economic uncertainty.

'There are a few more people on the market at the moment than we're used to,' he says. 'In the first quarter, they're not moving into new positions as quickly as last year. But of course last year was exceptionally buoyant compared to 1999.'

Recent mergers have had an impact on the market, he says. 'A few people have been coming out of one major US investment bank because they're unclear about the future following a takeover.'

For full survey details and other articles on pay, visit