3. This table is taken from the Financial Times and shows salaries relating to City of London financial positions. The data is based on over 300 posts in almost 150 banks and finance companies. We work for the corporate finance head in one such institution. She (our boss) saw the same table while at a business lunch with a colleague, who holds a position as Eurobond trading head. Over the lunch tempers got a little heated, with each of them claiming that people in their particular job were better paid than those in the other job. The boss has now come back to us and asked for confirmation that she was right in claiming corporate finance heads are better paid than Eurobond trading heads. What can we say?

Table 4.12 Salaries in City of London finance Lower Median Upper Average quartile salary quartile salary Position Es Es Es Es Corporate finance head 100 000 112 500 156 000 127 747 Capital markets head 128 800 142 500 165 500 145 600 Bond sales head 90 000 97 375 105 000 98 343 Fund m'ment director 110 000 133 948 147 000 130 463 Eurobond trading head 105 000 127 500 150 000 127 698 Equity trading head 86 500 100 000 143 750 112 100 Private banking head 74 301 95 286 110 000 94 660 Head of research 70 833 115 000 135 000 105 333 Financial director 66 700 80 715 90 000 86 056 Chief fx dealer 62 502 82 875 95 000 86 053 Legal services head 62 730 70 000 75 000 71 314 Personnel director 60 000 69 000 82 500 76 782 Money markets head 57 385 70 000 79 000 70 556 D-P director 56 135 60 000 73 700 69 974 Credit manager 36 036 46 441 50 800 43 996 Customer services head 26 550 30 150 37 800 31 923 Source: Financial Times, 14 February 1996, p 12