Junior staff losing out over bank pay

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THE most junior employees at banks are suffering the biggest impact from cuts in pay, according to a survey of financial services staff.

Financial services professionals with less than two years’ experience saw a 21 per cent drop in pay in 2012 compared with 2011, according to an annual compensation survey by recruitment site eFinancialCareers.

That was more than double a 10 per cent drop in pay seen across the industry.

The recruitment site said bonuses accounted for 44 per cent of pay across the industry last year, unchanged from 2011 but down from 51 per cent in 2010.

For staff who had been at firms less than two years, bonuses dropped to 24 per cent of their pay, compared to 43 per cent a year ago.

Middle office workers escaped the worst of the cuts, said eFinancialCareers.