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Why bankers don’t want the UK to ditch bonus caps: ‘We’ll end up with less’
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fnlondon.comChancellor Kwasi Kwarteng's plans to ditch the long-standing cap on banker bonuses to make the City more competitive have been branded “beyond tone deaf” by fair pay advocates. But bankers don't like the idea either.
“[Axing the cap is] good for banks, but not good for bankers,” said one senior dealmaker at a European firm. “Banks will cut salaries for upcoming staff under the guise of paying them bigger bonuses. Ultimately, I think we’ll end up with less.”
Kwarteng's...
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