Salaries for City associates have shot up in recent months, particularly at US firms, amid a trend of firms competing against each other for the best candidates.
Firms also cited the challenges of hybrid working, client pressure on fees, rising costs during inflation and culture and conduct.
Byfield director Michael Evans said: ‘We now see multiple pressure points, with record-breaking NQ [newly-qualified] salaries, compression in the middle ranks, an increasingly adverse business climate, high inflation and an incredibly strong dollar that hands an even greater advantage on the face of it to US firms.
‘Conduct and culture issues, cybersecurity threats and getting ESG [environmental, social and governance] right were also rightly highlighted as important.’ The firms’ top two reputational concerns were the war for talent and controlling costs.
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