London Banks Award New Hires 20% More Pay in July

Firms in London’s main financial district, known as the City, awarded new hires with an average pay increase of 20 percent in July as companies added employees in product control and information technology, a survey showed.

That’s the biggest average monthly pay rise since April and compares with a 14 percent gain in the previous month, Morgan McKinley, a services recruiter, said in its London Employment Monitor published today. The number of job vacancies jumped 10 percent to 9,315 in July from the previous month, while increasing 32 percent from a year earlier.