Senior bankers typically earn double the amount after tax in London than their counterparts in Geneva and Zurich, according to research by financial recruiter Selby Jennings.

The research also shows that despite the new 50% tax rate for workers earning more than £150,000 per annum introduced in April, even mid-level investment banking roles, such as quantitative analysts and junior traders, pay 15-25% more in London than Geneva or Zurich after tax.

Adam Buck, managing director at Selby Jennings, says: “Geneva and Zurich are relatively small financial centres compared to London. In reality there are relatively few senior banking roles in Switzerland paying over £150,000. London and New York are the only markets large enough to offer those roles in any significant quantity.”