Bankers go philanthropic

London: A wave of job cuts in the wake of the financial markets meltdown is causing hundreds of city bankers to turn to UK charities in search of work.

Charities are keen to hire the former star bankers to help them raise funds and are able to pay better salaries than in the past, said forum3, a recruitment agency.

"Charities need good quality skills, the right attitude ... it is an increasingly professional sector," said Deborah Hockham, a director at forum3.

Nearly 500 bankers looking for a job in the sector had approached the group over the past few weeks, a 30 per cent increase from the year-ago period, forum3 said.

Financial directors could expect to be paid anything between £48,000 (Dh314,000) and £90,000 (Dh610,000) per year in a charity.

"You're not going to get the million pound bonuses that used to exist," Hockham said. "But you're going to be relatively well-paid in an interesting environment..."