LONDON, March 26 (Reuters) - The most junior employees atbanks are suffering the biggest impact from cuts in pay,according to a survey of UK financial services staff.
Financial services professionals with less than two yearsexperience saw a 21 percent drop in pay in 2012 compared with2011, according to an annual compensation survey by financialrecruitment site eFinancialCareers.
That was more than double a 10 percent drop in pay seenacross the industry, according to the survey of 767 UK financialprofessionals carried out between Jan. 14 and March 5.
EFinancialCareers said bonuses accounted for 44 percent ofpay across the industry last year, unchanged from 2011 but downfrom 51 percent in 2010. For staff who had been at firms lessthan two years, bonuses dropped to 24 percent of their pay,compared to 43 percent a year ago.
EFinancialCareers said middle office workers escaped theworst of the cuts and their average pay rose by 3 percent on theyear. Front and back office workers both reported a 12 percentdrop in pay.
Bankers' bonuses are under scrutiny after the European Unionsaid it plans to limit awards to equal their base salary, or twotimes salary with approval from investors.
Supporters of the move say banks have failed to tackle theindustry's compensation culture, and recent high payouts forstaff at UBS, Barclays and other banks haveattracted a fresh wave of anger.
Two in five of those surveyed said they could change jobs tofind better opportunities or improve pay, but only 5 percent ofthose considering switching firms said they would change theindustry altogether, eFinancialCareers said.
Barclays (BARC)
HSBC Holdings (HSBA)
