Chris Connors of Johnson Associates, a New York-based financial services remuneration consultancy, notes that the surge in earnings was also seen in his firm’s data. He says it was caused by higher initial pay amid fierce competition for recruits, subsequent increases linked to high inflation and a recent rise in bonuses after two stable years.
“The sector was hiring like crazy and the war for talent was very pronounced, with way higher turnover,” he says. “Since 2021, base salaries have risen far more than historical rates in financial services.”
Financial Times / June 16, 2024