Some kind of bonus cap is on the way in the European Union. At worst, bonuses will be capped at 100% of salary with special dispensation to increase bonuses to 200% of salary in the event that 76% of shareholders are in accordance with such generosity.
Fortunately, there may be loopholes. Quartz suggests several simple ways in which the new rules could be overcome. They include: increasing salaries (again), creating a non-bank unit of an existing bank which employs all the highest earners (as we noted in the case of Jefferies, banks with less than £15bn in sterling assets fall below the FSA's remuneration radar in the UK), paying more in the form of shares (which may not be covered by the EU's cap), or waving goodbye to individual M&A bankers as they leave and set up advisory boutiques. Anything is possible.
Only 40% of banks are committed to running fixed income businesses. (Financial News)
Now that UK corporation tax has been reduced, Henderson Global Investors is returning from Dublin to London. (Financial Times)
Bank of America is building its investment bank in Russia. Other banks are doing the opposite. (Nasdaq)
WH Ireland insists it’s all ok. (Sky)
WH Ireland is understood to have placed Barrie Tyler, who runs its Cardiff office, on leave pending the outcome of an investigation into a string of personal share trades carried out by executives at the firm. Yesterday, Paul Compton, WH Ireland's chief executive, left with immediate effect after just two years in the job. (Sky)
Getting out of bed is against all natural instincts. (Daily Mash)