Despite Proposed Pay Caps, London Bankers Expect 44% Bonus Increase
Despite Proposed Pay Caps, London Bankers Expect 44% Bonus Increase
The European Union's February decision to outlaw banker bonuses that are more than twice fixed pay was an effort to curb excessive payouts and asymmetric risk-taking. The UK challenged the caps as illegal in September (and the case has yet to be decided) but the European Banking Authority softened its stance last week by allowing banks to exempt staff earning up to EUR 1 million from the rules that cap bonuses. It seems the bankers are making hay while the sun shines as Bloomberg now reports, Managing Directors at banks in London are expecting a 44% rise in bonuses for 2013 - to more than double their average salary.
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