Once in a while, a glimmer of xenophobia flickers across the comments left on this site. European financial services professionals in the City are accused of being, “Eurotrash,” as in, Glasgow’s not that bad. Less Eurotrash for a start….
Those comments may well originate in jealousy and resentment: non-British employees in the City are higher paid and better educated than their native peers.
Research from the Office of National Statistics has already indicated that only 40% – or less – of front office bankers in the City have British nationality. Now, an eFinancialCareers survey of 500 finance professionals in the UK shows that the average non-British financial services professional in London earned 133k last year, vs. 101k for his or her British counterparts.
There’s a clear reason for this. 68% of non-Britons have a graduate qualification, vs. only 46% of Britons. Equally, British people also have a 26% greater likelihood than foreign financial services professionals of ending up in middle and back office jobs – as opposed to working in the front office.
Not all the non-British financial services professionals in London are continental Europeans. Many are Asians and Americans. If anything, the pay differential is likely to rise rather than narrow as UK immigration rules for non-EU workers currently favour individuals earning more than 150k.