City Bankers 'Unhappy' With Level Of Pay

Over half of bankers were not satisfied with their pay last year, according to research by a financial services recruitment firm.

Selby Jennings said that 64% of bankers surveyed in London said they were "unhappy with their overall remuneration package."

Globally, over 67% of those who work in finance were not satisfied with their total pay.

The banking industry has been hit by a number of scandals over recent years - including the Libor rate-fixing scandal, and the mis-selling of payment protection insurance.

But even when asked to take the "current market conditions" into account, almost half of respondents maintained that their pay was unfair.

Of the 619 bankers questioned, three quarters earned more than £50,000 a year and a third took home over £100,000.

Almost a fifth said they did not receive a bonus last year - but 12% of the respondents earned a bonus of 100% or more of their salary.

It comes as the Parliamentary Commission on Banking Standards - set up in the wake of the Libor scandal - warned the Government that its reforms of the industry did not go far enough.

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