Goldman Sachs Group Inc. employees got the biggest bonuses among London support staff this year, with an average payout of 38,000 pounds ($58,014), more than seven times higher than at Societe Generale SA, according to Emolument.com.
Average total compensation at the Wall Street bank for back and middle office employees, who perform jobs such as trade support, information technology and risk management, also ranked top at 125,000 pounds, the salary benchmarking company said in a statement on Wednesday. Societe Generale, France’s third-largest bank, paid an average 5,000 pound bonus and 66,000 pounds salary, marking the lowest total compensation in the survey.
London’s bankers have seen their bonuses squeezed after European Union lawmakers capped variable pay at twice salary, adopting the world’s toughest bonus rules in a bid to tackle a gambling culture blamed for contributing to the 2008 financial crisis. Administration jobs typically don’t command comparable bonuses with front-line dealmakers, however the pay for some is gaining ground, according to Emolument.
“Employers now pay middle and back-office substantial salaries, which do not lag far behind front office’s,” Alice Leguay, co-founder and chief operating officer at Emolument, said in the statement. “The need for excellent middle and back-office professionals has risen in the last few years, specifically in risk management and quant departments.”
BNP Paribas SA, France’s largest lender, ranked second among the 12 investment banks, paying support staff an average bonus of 21,000 pounds. Nomura Holdings Inc. ranked second in total compensation with 116,000 pounds.