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I am feeling depressed now.
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Prime day... I can scroll forever...
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Currently at one of the Big 3 Japanese banks (MUFG, Mizuho, SMBC) in debt capital markets and might have an opportunity to join the Capital Markets team at Wells Fargo (all in London). What are the thoughts reputationally on WF vs the Japanese banks in EMEA? Also if anyone has any insight into promotions (ability to go up the ranks faster in WF) and salary what would be super helpful! Wells Fargo Mitsubishi UFJ Financial Group, Inc.
Interested. Mayfair based.
Hi there,
Discussing salary today for an Equity Derivatives Trader Assistant role at Analyst level at JP (have been working in another analyst role for 1 year as well as an industrial placement at GS). What is the salary I should be asking for please?
Any help greatly appreciated.
Thanks
JPMorgan Chase
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The short answer is there's no way to get out of it, you have to pay all the income tax required of you. The long answer is, while the above is still true there are ways to be legally tax efficient. If you've taken a new job here in the 40% bracket with UK payroll (this should be less than £100k/year) then your tax will automatically be taken off in PAYE payroll. You have a personal allowance (£12,570) which you pay 0% on, above this you pay 20% on everything up to £50,270, and above this 40% up to £100k. There's also another 'tax' - National insurance, which you'll pay as well. It'll all come out in your payslip and deducted at source. You can be tax efficient by sacrificing salary in things like pension schemes and company benefits. For example if you pay 1k a month into a pension, you won't pay tax on it. There are similar benefits with things like life insurance, company car hire purchase schemes etc. On some you will save income tax, some national insurance, some both, and some neither - IF your company offers these. If you earn above £100k it gets more complicated... technically the 45% tax bracket doesn't start until £125,140. But if you earn more than 100k they start removing your tax free personal allowance. So for every £2 you make over 100k they remove £1 of personal allowance. Also if you earn 6 figures+ it's not all taken at source. You're required to fill in a tax return every year and calculate what you owe from the upper brackets. If you're not paid on UK payroll then I have no idea what you'll need to pay, but in either case you may also be liable for tax in the UK and in the other relevant countries - it could be worth getting an accountant. Disclaimer - this is just my understanding and doesn't constitute any tax advice
I agree with the feedback from above.
As every penny matters, if the company does Share Incentive Plan, sign-up to that as well. https://www.gov.uk/tax-employee-share-schemes/share-incentive-plans-sips
F. Same boat here, relocated here 2 weeks ago.