London Bankers May Get Wall Street Like Bonuses
Wall Street sized paydays may soon be coming to the City of London. It’s been six months since the UK lifted a cap on bonuses that limited them to 2 * a bankers base salary, a legacy of the financial crisis and a far cry from the millions that top deal makers and traders in New York can make. Now it’s up to the shareholders at banks including HSBC and Barclays, which will be putting the matter to votes at AGMS if the proposals pass the process of rejigging compensation. Could begin in time for next year’s bonus season, which Wall Streeters have historically counted on to pay for elite private schools, luxury holiday homes and the most expensive cars. The cap was scrapped by UK officials battling to maintain London’s preeminent position as a global financial centre in post Brexit Britain overhauling pay could have consequences. And abroad, senior UK bankers who had fixed salaries increased to circumvent the cap could now potentially face reductions and European rivals. Could find themselves at a disadvantage when hiring. It’s certainly a concern when when regulations in the US and the UK. Where we are active in a number of our businesses, you know, start to move in a way that places European competitors of disadvantaged Top proxy advisors are recommending that HSBC and Barclays shareholders approve the measures, a sign they’re likely to pass. No longer will City rainmakers feel like the poor cousins of Wall Street.