Goldman Sachs . employees enjoyed the biggest bonuses among London backroom staff this year, with an average payout of £38,000 , more than seven times higher than at Societe Generale, according to Emolument.com.
Average total compensation at the Wall Street bank for back and middle office employees, who perform jobs such as trade support, information technology and risk management, also ranked top at £125,000 s, the salary benchmarking company said on Wednesday.
Société Générale, France’s third-largest bank, paid an average £5,000 bonus and £66,000 salary, marking the lowest total compensation in the survey.
London's bankers have seen their bonuses squeezed after the European Union capped variable pay at twice salary, adopting the world's toughest bonus rules in a bid to tackle a gambling culture blamed for contributing to the 2008 financial crisis.
Administration jobs typically don’t command comparable bonuses with front-line dealmakers, however the pay for some is gaining ground, according to Emolument. “Employers now pay middle and back-office substantial salaries, which do not lag far behind front office’s,” Alice Leguay, co-founder and chief operating officer at Emolument, said .
“The need for excellent middle and back- office professionals has risen in the last few years, specifically in risk management and quant departments.”
BNP Paribas , France's largest lender, ranked second among the 12 investment banks, paying support staff an average bonus of £21,000 . Nomura Holdings ranked second in total compensation with £116,000 pounds.
- Bloomberg
