London bankers’ pay still at bumper levels, study shows

LONDON city workers are still earning bumper pay packets as rising regular wages offset falling bonuses, research has found.

Bonus payouts in the City for the 2010/11 financial year fell by 8% to £6.7 billion (€7.6bn), down from £7.3bn in the previous fiscal year, the Centre for Economics and Business Research said yesterday.

But it estimates average regular pay for City workers in the first quarter of this year was 7% higher than a year ago and much higher than growth of just over 2% for Britain as a whole.