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Bank that paid bad bonuses also offered big salary increases to juniors

Last week, bonuses were announced at the entity formerly known as NatWest Markets, and as we noted, they were not large. However, juniors at the bank received some consolation in the form of a large salary rise. 

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NatWest declined to comment for this article, but multiple juniors at the bank told us they received salary increases of between £10k and £15k ($13k-$19k), and were pleasantly surprised. 

By comparison, senior people at the bank were squeezed. Few received a salary rise, their bonuses were cut by 20% or more, and they received only £2k in cash. They do not appear to be celebrating the bank's generosity to its juniors. 

"Every business line across C&I (the new name of the investment bank) was up in 2023," complained one senior NatWest Markets insider. "NatWest Markets increased profitability with less headcount in 2023 and yet bonuses were a joke. People have worked twice as hard for a stellar year, and yet been paid down." 

The big salary increases for juniors come despite the lifting of the bonus cap, which was expected to reorient compensation towards bonuses and away from fixed pay. 

One NatWest junior who received a big salary increase told us it was sufficient to stop him leaving. "I was pleasantly surprised in the context of previous years, but on reflection this has just brought my pay back in line with the market," he said. "Had I not received this level of increase, I would have looked for other positions."

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Photo by Alex Haney on Unsplash

 

 

 

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AUTHORSarah Butcher Global Editor

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