August 18, 2009 / 6:24 AM / 10 years ago

London bank pay up 6 percent

People walk through the Royal Exchange with the Bank of England (R) seen behind in central London January 16, 2009. REUTERS/Toby Melville

LONDON (Reuters) - Average pay for financial employees in London rose 6 percent in July from June due to intensified competition for “star performers” and confidence continued to improve across the industry, a survey showed on Tuesday.

The average salary paid to financial sector workers in London rose to 53,223 pounds in July, up 6 percent from June but down 1 percent from a year ago, recruiters Morgan McKinley said.

“Hiring managers are looking for candidates who have multiple skill sets and who are the star performers in their field and they are offering these individuals competitive salaries to secure them,” said Andrew Evans, managing director of financial services business at Morgan McKinley.

The number of new job opportunities in the city fell 7 percent in July from June, but it was still the second best month this year. Evans attributed the fall to seasonal fluctuations, adding that the data was encouraging and showed a gradual improvement in city confidence levels.

Morgan McKinley, a recruitment consultancy covering financial services, based the survey on internal data and calculated for the sector using its market share.

Reporting by William James; editing by Gilbert Kreijger

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