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Bank charges: More London bankers to be hit by bonus cap

Up to ten times more London bankers working in investment could see their bonus lowered.

A draft bill is rumoured to have been passed by the European Banking Authority, which could see the bonuses of bankers earning over €500,000 (£420,000) capped.

This is because the bill considers bankers that are earning this much annually to be material risk takers.

While banks were originally allowed to decide for themselves who is a material risk taker, this is the first time a remuneration policy has been used to outline this instead.

Partner at PwC, Jon Terry, said: "This will significantly increase the number of employees subject to the bonus capping, to perhaps as much as ten times for some investment banks operating in London."

In the EU, a cap on bankers' bonuses has been implemented so they cannot exceed a ratio of 1:1 in comparison to their salary.

It implemented this rule to deter bankers from taking risks in investment, which is what led to the financial crisis of 2008.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801587931-ADNFCR

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