Average pay for junior City staff has risen aggressively during the summer, according to figures from financial recruiter Astbury Marsden.
 
The figures reveal that the average base salaries for City workers at assistant vice-president level have increased by 12% to £70,480 during the past year.
 
Up until the past three months more junior staff have seen their pay lag behind that of senior City staff.
 
Astbury Marsden says that the more senior staff in investment banks have had their basic salaries increase by between 20% and 50% in the past year. However, much of that increase has been part of a shift away from bonuses.
 
Jonathan Nicholson, managing director at Astbury Marsden, says: “Up to now the big jumps in pay created by the recovery in City recruitment have gone to the more senior staff. Banks and fund managers have focused on getting in the more experienced staff that have portable client bases, the proven rainmakers and those with real rare niche skills that take years to develop.
 
“The salary inflation largely passed junior staff by but now those lower down the pyramid are starting to see their wages grow significantly,” he adds.