Wednesday, 26 Aug 2020 02:39 PM MYTLONDON, Aug 26 — Major international banks may still pay out big bonuses to high flyers this year even as the pandemic saps the global economy, as fears of losing talent to rivals during a trading boom trump worries of a big compensation bill.
“These banks move broadly in lockstep, no one wants to cut anything first,” said Simon Patterson, managing director at Pearl Meyer, which advises more than 1,000 companies on employee compensation structures annually. “Financial markets are cyclical but what we face is so unprecedented, no one truly knows whether next year is a feast or famine,” Patterson said.Britain’s Prudential Regulation Authority banned bonus payments to top management and material risk takers at the UK’s biggest deposit-taking banks when Europe’s Covid-19 crisis escalated in March, meaning some top traders could miss out.
Longer-term, it encouraged banks to consider whether a larger part of variable pay could be deferred for longer or paid in other instruments rather than cash.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »