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Loan reclaim: UK Banks to 'avoid' EU bonus caps

UK banks will easily avoid new European Union regulation which caps banker bonuses by raising salaries and adapting reward schemes, according to experts.

The European Parliament voted overwhelmingly in favour of restricting bonuses so staff only receive 30 per cent in cash up-front with the remaining amount dependant on company performance.

However, many financial analysts believe bankers will still receive excessive remuneration packages as firms will simply change their payment structure.

Mercer, the business consultancy, found that 70 per cent of financial institutions had already increased salaries to reduce the effects of bonus cuts, reports City Am.

A leading politician, who insisted on remaining anonymous, told the news provider: "They [the banks] will easily get around it," by increasing cash bonuses and linking the remaining funds to unattainable targets.

The new legislation will come into effect next year.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800001242-ADNFCR



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