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Financial services software engineer pay in 2024 revitalized by big bonuses

After a disappointing year for technology pay in finance in 2022, it seems that last year marked a return to form. Our salary and bonus report, based on our compensation survey which had 6,000 respondents, found that engineers and developers in banking and the broader financial services industry earned over $200k on average last year. This was due in no small part to some big bonus increases.

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Bonuses were up across each seniority level for banking technologists. Vice presidents (VPs) in technology saw the biggest increase in bonuses, with a rise of over 20%, while analyst bonuses rose by an average of 17%. Total compensation for analysts was over $110k on average.

(In order to see the table above correctly, you will need to view it on a landscape display)

Unfortunately, technology staff in banks don't seem happy with this. Only 35% of respondents were happy with their pay for last year, down from 49% the year before. This might be because they're pulling longer shifts; technologists in finance worked an additional two hours per week on average in 2023 compared to 2022.

Another reason may be that the bonuses aren't evenly spread. Some engineers have been said to receive significantly lower bonuses, or even none at all; remote workers claim to have been hurt in particular. 

There have been hints that coding as a skill is losing its prestige because of generative AI, but respondents didn't seem too perturbed by the notion. One London based analyst cited "changing times" as a reason to be unsure about his job, while others discussed organizational changes in their banks (looking at you, Citi and UBS), and the ever-present threat of outsourcing. 

Engineers are looking to move industries. One Standard Chartered VP said his "friends in the same role in other industries are getting paid much higher." Still, some banks pay significantly higher than others. We've previously broken down tech pay at Goldman Sachs, JPMorgan, Citi, Morgan Stanley and Deutsche Bank for reference.

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AUTHORAlex McMurray Reporter

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