Here's how a post-Brexit move could affect City bankers' pay

London Canary Wharf

Much has been made of the post-Brexit battle over where bankers will be located, and big names plotting contingency plans.

So for its latest study, salary benchmarking site Emolument has analysed thousands of salaries and bonuses from front office bankers working across some of the major European cities to assess how a post-Brexit location could affect them.

It found that European cities across the board trail London when it comes to pay, so moving to another financial hub could mean taking a lower pay package.

Read more: London retains financial services crown in global ranking

Here's how the different cities fare on total compensation:

(Source: Emolument)

If London banks opted to move members of their workforce to other European cities, average compensation packages drop, with the capital offering the highest salaries and bonuses in the market, according to Emolument's analysis.

The research, which assessed compensation across 4,475 bankers, noted that there are different remuneration structures across different places though. In Paris for example, bonuses can account for up to 49 per cent of a banker's total compensation, while Frankfurt pays lower bonuses but higher base salaries.

Breakdown of remuneration by role across different cities:

Job title London Paris

Frankfurt

Milan
Analyst Salary: £57,000
Bonus £9,600
Salary: £48,000
Bonus: £7,400
Salary: £56,000
Bonus: £9,000
Salary: £30,000
Bonus: £5,400
Associate Salary: £79,000
Bonus: £30,000
Salary: £57,000
Bonus: £24,000
Salary: £70,000
Bonus: £19,000
Salary: £41,000
Bonus: £11,000
VP Salary: £117,000
Bonus: £57,000
Salary: £90,000
Bonus: £64,000
Salary: £108,000
Bonus: £31,000
Salary: £85,000
Bonus: £38,000
Director Salary: £170,000
Bonus: £110,000
Salary: £109,000
Bonus: £81,000
Salary: £135,000
Bonus: £40,000
Salary: £112,000
Bonus: £48,000
MD Salary: £250,000
Bonus: £228,000
Salary: £159,000
Bonus: £153,000
Salary: £190,000
Bonus: £108,000
Salary: £180,000
Bonus: £153,000

While London trumps its EU counterparts on pay, after the capital, the results are more varied. Frankfurt offers the highest compensation levels for analysts and associates, but for more senior bankers, Paris proves more attractive.

Where other cities could pull ahead against London are on factors such as the company's working environment. Those in Frankfurt had the best work-life balance, followed by Milan.

German workers said their performance was more likely to impact their pay, whereas Milan had the most engaged bankers.

The capital however, trumped the rest for having the most open-minded firms.

Alice Leguay, Emolument co-founder, said: "As regards to moving away from London to other EU capitals, while pay may be lower, pain points such as schooling and generally higher quality of life should compensate bankers transferring to the continent."

Earlier this week, Brexit secretary David Davis said the government was committed to protecting talent within financial services after Britain leaves the EU. He said a major focus will be "protecting the mobility of workers and professionals across the continent".

Read more: London won't be replicated as a financial centre, says BoE deputy governor

Full story: Here's how a post-Brexit move could affect City bankers' pay: City A.M.

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