The international credit crisis has played a crucial role in an average 40 per cent drop in salary and bonus packages paid to City of London market traders in some markets, according to the most recent annual survey by London-based private banking and financial services executive search firm Napier Scott. But Wall Street’s gloom is deeper as packages there have been slashed by an average of 60 per cent in those same areas. Shaun Springer, chief executive of Napier Scott, said: “The biggest falls in the UK occurred in the debt and credit markets. Tier 1 managing directors have received packages of £685,000 ($1,360,000), which are down £290,000 on the previous year. The survey - now in its seventh year - was conducted among more than 3,000 front office traders covering international markets. Mr Springer added that traders in Asia now commanded the highest average packages in the world with Tier 1 managing directors operating in exotic credit trading receiving £1,480,000 and their counterparts in credit structuring receiving £1,410,000. The most profitable area in Europe was recorded for those covering clients in Germany and Austria. FX, commodities, and equities and funds derivatives continued to be the products to generate the most profits. Bonuses in equity derivatives increased in some cases by up to 30 per cent overall. This product sector enjoyed the highest average percentage increase at 14 per cent.