Dubai: Why are junior banking executives raring to rush out of London into Dubai and other emirates? It's simple: They follow the money.
It has been revealed that mid-level bankers in the UAE take home nearly 36 per cent more pay than their London counterparts, a salary consultancy's latest figures show.
More to it: junior UAE-bound bankers also get fatter bonuses -- nearly double than their banking industry counterparts in the British capital, according to Emolument.
Citing in-house data obtained from 20,000 individuals, Emolument said banking analysts in the UAE get on average $91,000, against $73,000 in London.
Meanwhile, mid-level banking bonuses in the UAE, averaged $27,000, against $14,000 in the UK.
Tax-free income
Part of UAE's appeal is tax-free income expatriates enjoy and its vibrant financial industry, being the regional hub of the world's major investment banking firms.
However, the tables turn at the senior banking industry posts.
Associates draw $107,000 in fixed pay in the UAE, compared with $108,000 in London, with average UK bonus at $40,000 -- or 29 per cent higher than similar jobs in the UAE .
Among UAE bank directors, pay scales average $200,000 a year, with an average bonus of $116,000, against a total package of $449,000 in London, according to Emolument.
London leads in the pay scale for top bank executives with $931,000 on average, more than twice the UAE average of $437,000, the report said.
Salary and bonus data are obtained directly from individuals on an anonymous basis, said Emolument.
It claims to base information from 20,000 individiuals in more than 3,500 institutions.
