City pay jumps by 20 per cent

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Pay in the City has risen by 20 per cent over the past year, according to Astbury Marsden.

The recruitment firm found average base pay – excluding bonuses – in banks at vice-president levels was now £97,500, with some making more than £160,000. The firm said curbs on bonuses was behind the pay hikes.

Campaigners for City reforms were furious. "Bankers who caused the crisis should be helping to repair the damage ... rather than feathering their own nests," said a spokesman for the Robin Hood Tax Campaign, which wants new taxes on the financial sector.