Senior bankers in London are still typically earning twice as much after tax as those in Geneva and Zurich in spite of the new 50p tax rate, suggesting that fears of an exodus have been overdone, according to research published today.
Senior bankers in London are still typically earning twice as much after tax as those in Geneva and Zurich in spite of the new 50p tax rate, suggesting that fears of an exodus have been overdone, according to research published today.
Even for mid-level investment banking roles, such as quantitative analysts and junior traders, bankers are still earning 15-25 per cent more in London than Geneva or Zurich after tax, says the study by Selby Jennings, a financial recruitment specialist.
The research suggests far fewer London-based bankers are likely to decamp to Switzerland than had been feared because of the higher tax rate, introduced in April for those earning more than £150,000 a year.
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“Geneva and Zurich are relatively small financial centres compared to London,” said Adam Buck, Selby Jennings’s managing director. “In reality there are relatively few senior banking roles in Switzerland paying over £150,000. London and New York are the only markets large enough to offer those roles in any significant quantity.”
To read the full story, visit ft.com
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