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According to the Independent, candidates recruited by Morgan McKinley for investment banks, hedge funds and asset managers, now receive five per cent less than their predecessors did, according to the Independent.
Morgan McKinley starting salaries are now £48,300, while at Joslin Rowe they are £39,700.
Perks such as all-expenses-paid lunches, first-class travel and trips to strip clubs with foreign clients have also been dispensed with.
Robert Thesiger, chief executive of Morgan McKinley's parent company, Imprint Plc, commented: "The increase in available talent means employers have a greater pool of choice when filling roles. This is driving wage inflation down when compared with last year."
Morgan McKinley is the leading recruitment consultancy specialising in the banking and financial services sector. It has offices in Amsterdam, London, Hong Kong, Singapore, Sydney and Tokyo.
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