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Morgan Stanley has become the latest US bank operating in the capital’s financial sector to take advantage of the UK’s post Brexit scrapping of the bankers’ bonus cap – one of the few things to survive the disastrous premiership of Liz Truss. Brought in by the EU after the financial crisis in 2008, the cap limited bonus payouts to no more than a banker’s basic salary, twice that with shareholder approval.
The stated aim of the policy was to reduce crazy risk-taking behaviour by bankers who earn their crust playing dice in the financial casino. This, it was said, would make banks safer. Unofficially, Europe’s politicians saw that the public’s appetite for a crackdown was very high, and this avowedly popular – but also populist – measure played directly into that.
The Cameron administration opposed it, as did the Bank of England. They argued that banks would inevitably respond by increasing bankers’ basic pay, which they would be powerless to cut if they needed flexibility during financial squalls. This argument did not wash with the public. People were largely under the impression that the measure would clip bankers’ wings. Understandably, it was felt this was no less than they deserved.
この記事は The Independent の July 02, 2024 版に掲載されています。
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この記事は The Independent の July 02, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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