Today In London Versus New York: Traders Earn More On Mud Island

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London not only has better food, better bars and easier access to French women than New York. It's also got wealthier traders, according to a study cited in Bloomberg today.

London traders are raking in salaries and bonuses as much as 50 percent higher than their counterparts in the U.S., according to a study by Napier Scott Executive Search Ltd.
U.K. traders' earnings increased as much as 22 percent, while U.S. salaries and bonuses rose as much as 15 percent last year, according to the survey published by the London recruitment firm today.

U.K. Traders' Earnings Beat U.S. Peers', Survey Says [Bloomberg]

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Russia may have the kind of official corruption that would make a Sicilian blush, a fairly weak grasp on the rule of law, a pair of would-be czars trading its top two political posts and, now, more orphans than it can give away. It also may have a stock exchange worth as much as the big one with the columns down on Broad Street.

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Relatedly, Goldman is looking for some young bodies. Financial firms in London, besieged by Europe’s sovereign-debt crisis, probably will shrink their workforce this year, snapping a hiring rebound from 2008’s credit crisis as New York’s industry ekes out job growth. Banks, insurers and other financial-services firms may eliminate about 3,000 jobs across greater London as companies in the New York region add 9,000, according to U.K.-based researcher Oxford Economics Ltd. London’s proximity to the debt crisis is undermining the city’s efforts to gain on its trans-Atlantic rival. While Wall Street also is suffering from a global slowdown in trading and deal-making, North American banks are benefiting from a surge in consumer lending...Some large banks are offsetting senior-staff reductions by recruiting less-expensive workers. New York-based Goldman Sachs, seeking to cut $500 million of costs, expects its workforce to feature a greater proportion of junior employees by year-end, Chief Financial Officer David A. Viniar, 57, said July 17. “Wall Street is tilting toward younger, up-and-coming talent,” Kahn said. London Firings Seen Surging As Finance Firms Add Jobs In NY [Bloomberg]

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