As we’ve drawn to your attention on several occasions past, bad things are afoot in the institutions of the European Union with regards to bonuses.
Specifically, a contingent in the European Parliament wants to: restrict pay at the top of banks to 30 times its level at the bottom; restrict bonuses to 200% salaries.
In the circumstances, someone needs to make a stand. That someone is RBS.
City Am reports that RBS has sided with US investment banks in taking a preemptive hardline approach to the most stringent anti-bonus measures (those detailed above), tabled by the Austrian MEP Othmar Karas.
By comparison, HSBC and Standard Chartered are proving distinctly limp-wristed. While RBS and US investment banks go forth to defend bonuses, they’re hanging back from fear an aggressive approach could backfire. “They could well make it worse,” one of the appeasers told City Am.
Two senior equities traders have left Jefferies, after equities trading revenues fell 23% year-on-year in the first quarter. (Financial News)
Investment banks are moving some of the traders known for taking big risks with shareholder cash into their asset management arms. (Reuters)
Alex Hope has been arrested. (Alphaville)
Ian Hannan is disliked by some for his abrasive style. (WSJ)
“Hannam’s honesty and integrity is not in question,” Andrew Long, the acting chairman of the FSA committee, said in its final notice. (Bloomberg)
You can make good money driving tubes during the Olympics.(Telegraph)