Bank Bonuses That Aren’t Called Bonuses Banned in Europe

Europe’s top banking regulator moved to close a loophole that allows banks to sidestep limits on bonuses by awarding staff payments under different names.

39 banks in the European Union are paying staff discretionary role-based payments, they classify as fixed pay, in addition to their salaries. These awards break EU bonus rules because they were found neither fixed nor permament in most cases

Top U.K. investment bankers were paid an average of 1.95 million euros in 2012, the most in Europe, and had an average bonus-to-salary ratio of 370 percent, according to the survey.

http://www.bloomberg.com/news/2014-10-15/eu-toughens-banker-bonus-cap-as-eba-restricts-allowances.html?alcmpid=markets

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