London perm salaries

[eek]

I wonder if LPM owns all his properties, or has bought them in the company name.
I wonder if there are any other stories that he's not telling us

You need to read the entire thread - as he's already admitted to the company (which does seem to own some properties) paying his parents to "manage" the properties that are in his personal name.

[WTFH]

You need to read the entire thread - as he's already admitted to the company (which does seem to own some properties) paying his parents to "manage" the properties that are in his personal name.

I suspect there are even more things that he's not telling us.
Reminds me of users we had in the past who would tell us half a story about some wonderful idea they had - remember the guy who had a house in Edinburgh that his sister lived in, he wanted to "rent it" as his office, pay her rent, but only use it as a postal address?

[oracleslave]

- Outside Inv Banking, likely you be around £50-80k with all the usual benefits (ie small bonus dependent on performance, % to pension etc). Everyone thinks this means £80k or more. It does not, lots of VPs on the 60 mark.

Glassdoor says the average is £96k base for London VP's. Seems like you've been underpaid....

[BlasterBates]

Nothing wrong in employing family members, however if a tax inspector does an audit he'll want to see the records and probably speak to the "employees", that's the point it might all go "pear-shaped".

[LondonPM1]

What a fascinating thread this was for me. Lots of people semi showing off about their old salaries and day rates. Congrats to all of us who benefited historically, but the poster is asking about current permie VP salaries.

- VPs in Financial Services (London) have a wide salary band, also dependent on a number of factors, eg whether they are in Tech/Ops vs Investment Bank

In my personal experience (and do take this with a pinch a salt, as should some of the drivel already posted above before me):

- Outside Inv Banking, likely you be around £50-80k with all the usual benefits (ie small bonus dependent on performance, % to pension etc). Everyone thinks this means £80k or more. It does not, lots of VPs on the 60 mark
- Inside IB (ie me in the past), £60-90k with same benefits except the bonus can be bigger (but not by much, you are not part of a trading desk)

I am a permie in IB London (Projects) and have hired in the past, as well as having been previously hired at that level.

HOWEVER, I would echo the sentiment of others in this Forum... there’s a general hiring Freeze across all the banks, especially at the VP ish level where there’s plenty of high performing young guns desperate to prove themselves for the very few VP roles available.

Where there used to be 200+ roles available when you did an internal role search, you are lucky if we currently have 15 internal. Hence in the past some of the 200+ would go external. No choice. But now there are so few roles that the high number of internals applying means there’s very little need for externals...

I wish you all the best in your search and will be interesting to see other updates on this thread.

But please guys, enough of the “ohhhh yeah I used to earn £5m a day at 0.0032% Blended tax rate!!!”.

Very helpful and this is exactly the sort of discussion I wanted to get going - Discussion from real people talking about numbers ad their experiences.

It depends also on the area within finance - I was lucky I worked in credit derivs which was hot and then fx derivs and options - These days it is compliance where the money is and I dont know the next area to be in demand

I guess most are hunkering down and guarding their jobs until COVID is over

And then hopefully london bouces back which it always has done

[eek]

Nothing wrong in employing family members, however if a tax inspector does an audit he'll want to see the records and probably speak to the "employees", that's the point it might all go "pear-shaped".

It's always fun when the inspector starts with "You are not under arrest and you do not have to say anything...."

[PermMCCon]

Glassdoor says the average is £96k base for London VP's. Seems like you've been underpaid....

Really? GlassDoor? That’s your research?

[BlasterBates]

If you want to earn in Investment banking you need to be a specialist in backend high performance low latency systems.

eg.

C++ Developer - Low Level Code/Quant Trading Platform - City of London - September-11-2020 (IV4db)

Java eFX Developer - London - September-08-2020 (IUSZu)

This is a specialised part of the market that was always well paid and will continue to be so.

[oracleslave]

Really? GlassDoor? That’s your research?

It's not perfect, but it appears to have 58 people who have submitted the numbers that formulate the average I have quoted you.

What stats or research do you have? Or are you just bitter at having been underpaid.

If you're after personal anecdotes, here's one for you. I have never met a VP in any industry who was on only £50k base salary.

[LondonPM1]

It's not perfect, but it appears to have 58 people who have submitted the numbers that formulate the average I have quoted you.

What stats or research do you have? Or are you just bitter at having been underpaid.

If you're after personal anecdotes, here's one for you. I have never met a VP in any industry who was on only £50k base salary.

I’ll also add that 22 year old graduates got paid 38k a year as starting salary plus a 10% bonus and three months classroom training in New York all paid for as part of the graduate hiring scheme back in 2004. I know Goldman’s Nomura and Morgan Stanley did these

Those days are clearly over.

Glass door is not bad but hearing first hand from others and recruiters is the only way to know what your c# java multi threaded background would be worth