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Bank charges: EU motion to cap bank bonuses

The European Union has proposed a motion to place a cap on banker bonuses, ensuring that they do not exceed the fixed salary.

This proposal was but forward by the Irish government and was backed by the majority of EU states. However, Britain did not support the motion and said that the 1:1 ratio between banker pay and bonus pay should instead be between fixed pay and cash, allowing for shareholders to adjust this in a vote.

Plans to cut back on banker bonuses were proposed as banks were encouraged to decrease activity in their investment banking arms and as a result of recent damage to banks’ reputations through scandals such as Libor.

Measures to prevent UK banks’ investment arms from contributing to another financial crisis were announced by chancellor George Osborne earlier this month. He announced that banks should ringfence their investment and retail arms and that he would separate them if need be.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801541471-ADNFCR

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