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Banking exodus fears on 50% tax overdone

Date: 01 January 2011

The FT reports today that senior bankers in London are still typically earning twice as much after tax as those in Geneva and Zurich in spite of the new 50p tax rate, suggesting that fears of an exodus have been overdone, according to research published today.

Even for mid-level investment banking roles, such as quantitative analysts and junior traders, bankers are still earning 15-25 per cent more in London than Geneva or Zurich after tax, says the study by Selby Jennings.

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