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Bankers' bonus cap to go in bid to boost City's competitiveness (www.cityam.com)

submitted 11 months ago by [email protected] to c/[email protected]

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[–] breadsmasher 2 points 11 months ago (1 children)

So you’re suggesting we will be seeing a headline along the lines of “Huge pay cuts across all baking leadership positions”?

[–] [email protected] -1 points 11 months ago (1 children)

No, contracts are binding.

But new packages will offer higher potential earnings with more bonus and less salary.

[–] breadsmasher 2 points 11 months ago (1 children)

I wish I had some amount of your naïve optimism

[–] [email protected] -1 points 11 months ago

Anne Sammon, partner at law firm Pinsent Masons, said there was a “risk associated with creating a two-tier workforce where new employees are paid lower salaries but with higher bonus potential”.

“Those who received increases to fixed pay when the bonus cap was introduced will be contractually entitled to those higher salaries and so will only give those up where they are offered some incentive to do so,” she added.

https://archive.ph/RSkAP