'Cerebral' British traders earn more than other Europeans

The City of London is known for embracing a cosmopolitan mix of employees, but it seems the British themselves are most at home there. Research by Napier Scott, the search firm, suggests that UK nationals working in the City of London earn an average of 6% more than continental Europeans.

The revelation that British bankers are better off than their French or German colleagues was reached after studying the pay of 16,000 banking salespeople, traders, analysts and structurers.

It is all the more striking because when Napier Scott conducted a similar survey two years ago, results suggested that continental European bankers could expect to earn up to 25% more than their UK counterparts.

However, since that time, average pay of continental European bankers in London has fallen 25%, from 212,000 to 157,000. But average pay for UK bankers has fallen less than 5%, from 167,000 to 159,000.

Sean Springer, CEO of Napier Scott, said the discrepancy was due to structural changes: 'We have seen a big increase in demand for fixed income, credit and derivative traders and structurers. These roles are being filled predominately by UK candidates, who are now the top earners.'

The survey also found that British staff had become better educated with a greater propensity to speak foreign languages. 28.4% of UK candidates had a second language in 2003, compared to less than 10% in 2001. Equally, 20% had a masters degree, versus only 3% in 2001.

'Traders today are much more cerebral than they were in 2001. Products are more sophisticated and complex, and further education and a second language now come with the territory,' said Springer.