Bank of America Corp. and UBS AG, which eliminated jobs over the past two years as they received government aid, are luring rivals' bankers in London by offering higher base salaries — in some cases double, recruiters said.

UBS is offering managing directors in its securities unit base pay of as much as 300,000 pounds ($470,000), compared with at least 150,000 pounds last May, said three people with knowledge of the matter. Bank of America, Merrill Lynch's owner, raised London managing directors' base pay to about 230,000 pounds, from 150,000 pounds in 2009, said the people, who declined to be identified because the terms are private.

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