Move.
This guy works for a “major US bank” and he thought a thirty three percent pay increase would cover moving to London? I wish they would have published the name of the bank. I would make a point of staying away from there.
Even before the recent drop in the dollar, going from North Carolina to London would have been a lot more than a 33% increase in expenses. I hope the international experience is a good enough boost on his resume to make up for the London hit.
33% isn’t enough to cover the difference between NC and the DC metro, let alone London, even prior to the current currency situation. This man is not bright. As far as which “major financial institution” employs him, it would have to be Bank Of America, or Wachovia. Possibly BB&T, but I doubt it.
When do those large foreign corporations start to hire that cheap American labor?
The only major American Bank in North Carolina that I know of is Bank of America. They don’t exactly have the cream of the crop running some of their divisions, let alone guys lower ranked than that.
The price to move from BoA Charlotte to BoA New York is at least 75% higher, and this should have been easily found using google.com
Moving from NYC to London is again another 26% higher(as of June ‘07, so probably nearer to 33% now) at a minimum.
100% Charlotte salary, requires 175% in NYC, and requires 220% to 275% in London.
And this info was found in 2 minutes using google.
Income earned overseas isn’t taxed by IRS, but still...