Bankers' bonuses to face limits in Europe

[pampango]

Source: BBC

European regulators are set to reveal tough new restrictions on the bonuses that banks can pay their staff. The limits are expected to be finalised today by the Committee of European Banking Supervisors (CEBS), although an announcement may not come until Monday.

The rules are likely to be much tougher than those agreed by the G20 countries, raising fears that bankers may emigrate to more lightly regulated countries. The bonus limits are expected to apply to the global staff of European banks.

However, non-European banks will probably only face restrictions on what they pay staff working for subsidiaries based in the European Economic Area. The rules may create an added incentive for bankers to relocate to Asian cities such as Singapore that have looser bonus rules, as well as lower tax rates and access to Asia's booming economies.

Moreover, according to the BBC's business editor, Robert Peston, British banks HSBC and Standard Chartered have voiced concerns that they may lose Asian staff to non-European competitors if the UK's Financial Services Authority applies the bonus rules to their global staff - including those in Asia - as expected.

Read more: http://www.bbc.co.uk/news/business-11967012

[xchrom]

1. one day -- if i live long enough -- there will no more room on earth

for corporations, banksters and financialists to say 'i'm taking my ball
and playing over there'.

[Ichingcarpenter]

2. 'i'm taking 'YOUR' ball and playing over there'.

Is what they are really doing

[xchrom]

3. ...

:spray: funny but oh so true.

[aquart]

5. Well, if NK destabilizes the region...not sure they'll make the trip.

Money only goes so far with bombs and firing squads.

[bemildred]

4. "raising fears that bankers may emigrate to more lightly regulated countries"

No, no Mr Banker, do not leave us to our doom!
:rofl: