City Bankers Scoop Huge Pay Increases

City bankers and financiers are scooping bumper pay rises to compensate for losing multimillion pound bonuses in a controversial development that will trigger fresh "reward for failure" rows.

The Observer has learnt that UBS, the stricken bank that last year received a £40bn Swiss government bailout, is paying London staff increases of between 15% and 20% at a time when many workers in Britain are forced to take wage freezes.

Though it is understood some equity traders at UBS have even enjoyed a doubling of salary to over £250,000, bank sources indicate these were "exceptional cases rather than the rule". But senior City headhunters confirmed that basic pay rises for senior bank staff were rising sharply, with US banks seeing big hikes.

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Fat Cat Bankers Demand Pay Rises to Compensate for Bonus Clampdown

As bonuses have been cut amid public anger over the banking crisis, it is predicted that city salaries could more than double over the next few years.

Shaun Springer, chief executive of executive search firm Napier Scott Napier, said bankers are trying to make up for less generous bonuses through higher salaries.

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NHS Quango Bosses Enjoy Pay Boosts of up to 77 Per Cent

Six chief executives of health service organisations now earn more than Gordon Brown, the Prime Minister, while pay for bosses at more than 300 hospital and primary care trusts has increased by an average of 10 per cent in one year.
The rises were attacked last night for being “an insult” to taxpayers.

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