The bosses of Britain’s biggest banks are on course to be awarded millions of pounds in share payments to circumvent a Brussels-imposed bonus cap – a move that risks inflaming the toxic row over City pay deals. The new payments would be in addition to bank leaders’ basic pay because the EU is limiting bonuses to 100% of salaries – or 200% if shareholders approve larger payments. The big-four high street banks are consulting shareholders about bonuses for chief executives that hit the 200% limit, alongside discussions on additional share payments so that none of the elite boardroom-level bankers would be worse off as a result of the cap. The initiative threatens to bring further political and public scorn on an industry that suffered yet another reputational blow this month when Barclays increased its bonuses to staff by 10% to £2.4bn, despite reporting a 32% fall in profits. The attempt to outflank pay limits comes as thousands of bank employees face the threat of redundancy. Britain’s biggest bank, HSBC, will on Monday become the first high street player to reveal the full details of how it has paid its 200,000 staff by publishing a 500-page annual report which contains the… Read full this story
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