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LONDON, June 22 (Reuters) - London-based bankers consideringa possible relocation if Britain votes out of the European Unionwould suffer pay cuts of up to 80 percent if they were to moveto Frankfurt or Paris, data from salary-benchmarking siteEmolument showed.
Analysing 8,065 salaries for front-office banking roles inLondon, Frankfurt and Paris, Emolument found that London bankersearned higher salaries than their German or French peers, fromentry-level analyst jobs right up to coveted managing directorpositions.
London-based associates earned 100,000 pounds ($146,570) onaverage, compared with 71,000 pounds and 70,000 pounds for theircontemporaries in Frankfurt and Paris respectively, whiledirectors earned 280,000 pounds - 98,000 pounds more than peersin Frankfurt and 114,000 pounds more than Paris-based directors.
Despite the broad pay gaps, Emolument said some bankerscould be financially better off if they moved to Frankfurt,where the cost of living is 60 percent lower than in London. InParis, however, a 35 percent reduction in living costs comparedto London would not fully offset the steep pay cuts a move tothe French capital would entail.
"Until now, prestigious banking jobs were usually to befound in London; an attractive set of opportunities on thecontinent could however give London bankers cause to leave theUK," said Alice Leguay, Co-Founder & COO at Emolument.com.
If Britain does vote to leave the EU in a referendum onThursday, sources at some banks including JPMorgan,Morgan Stanley and HSBC have indicated theycould be forced to move front office and trading activities tocontinental offices. ($1 = 0.6823 pounds) (Reporting By Sinead Cruise; Editing by Susan Fenton)
