Kwasi Kwarteng Citi Kwasi Kwarteng

Bankers face salary cuts and a return to Darwinism as bonus cap lifted

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Scrapping the bonus cap for City workers will transform how banks pay their staff, and could lead to widespread salary cuts that bankers accustomed to years of higher fixed pay will resist.Chancellor Kwasi Kwarteng confirmed plans to ditch the cap on banker bonuses, introduced in 2014 to quell risk taking by banks in the aftermath of the financial crisis, on 22 September.Kwarteng...

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