Former City minister: Scrapping bonus cap could have waited ‘a little longer’ JOHN GLEN SPEAKS John Glen, the former City minister, has said the decision to scrap the bankers’ bonus cap should have waited amid a cost of living crisis. Glen told the Following the Rules podcast that the removal of the cap, announced last week by new Chancellor Kwasi Kwarteng, “was something that I would have deferred for a [...]
Govt defends unlimited City bonuses: ‘Finance jobs should be in London, not in New York or Paris’ Pro-City bonus policy The government defended its intention to lift the bankers bonus cap this morning, saying it wants to protect and attract job creation in the City and Canary Wharf, rather than other finance hubs taking over. “We want finance jobs to be here, to be in London, not in New York or Paris,” said Work and Pensions [...]
Scrapping bankers’ bonus cap is only a signal, but it is a signal nonetheless EDITORIAL AN UNPOPULAR politician is usually a short-lived phenomenon. It appears Liz Truss is hoping that by the time the impacts of her unpopular decisions will be felt, the benefits will be so obvious the electorate will forget their initial teeth-gnashing. She may well be right. Even this column would accept that removing the bankers’ bonus [...]
Bird & Bird hands staff £1,000 each to deal with UK’s cost-of-living crunch July 5, 2022 London law firm Bird & Bird is set to pay £1,000 bonuses to more than 300 of its staff to help them deal with the cost-of-living crisis. The law firm said it will give £1,000 “cost of living allowance” payments to all employees who earn less £50,000 per annum this month, to help them manage [...]
Lloyds Bank to pay staff extra £1,000 each to deal with UK’s cost-of-living crisis June 13, 2022 Lloyds Bank is set to pay £1,000 bonuses to the vast majority of its UK staff to help them deal with the cost-of-living crisis. The UK’s biggest retail bank is set to give one-off, £1,000 bonuses to more than 64,000 of its rank-and-file staff, according to an internal memo seen by City A.M. The bank [...]
Chief executive pay at FTSE 100 firms bounces back to pre-pandemic levels May 30, 2022 The sums paid out to chief executives at the City’s major listed firms have bounced back to pre-pandemic levels, after jumping 30 per cent over the previous year to five year highs of £3.62m. The pay packages mark a return to levels last seen before the pandemic and a 30 per cent increase on the [...]
Goldman Sachs boosts junior bankers’ pay to over $110k after 95-hour work week complaints August 3, 2021 Goldman Sachs has become the last of the Wall Street banking giants to bump up pay for its junior investment bankers, after analysts at the bank sent a presentation to management revealing colossal workloads. First-year analysts at the bank will now make between $110,000 and $150,000. Upon their second year at the bank, analysts’ base [...]
Limits on City bonuses could be scrapped under post-Brexit plans August 2, 2021 Ministers are reportedly considering removing caps on bankers’ bonuses, in a bid to make the City a more atttractive business hub post-Brexit. The preliminary plans to remove all existing restrictions and EU rules are in their initial stages and are yet to be part of any public consultations, The Times reports. Ministers are reportedly wary [...]
Bank of England paper says banker bonus cap can reduce excessive risk-taking August 14, 2020 The European Union’s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed today. Britain had unsuccessfully opposed the cap, but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU [...]
Barclays investment bankers face ‘double-digit’ cut to bonus pool January 24, 2020 Barclays investment bankers are reportedly facing a double-digit fall in their bonus pool for 2019, as chief executive Jes Stanley pushes for the lender to meet profitability targets amid growing pressure from an activist investor. Barclays Investment Bank reported a strong third-quarter performance with a 41 per cent jump in net profit. But the division’s [...]