I’ve been hearing a lot about U.S. banks scrapping their bonus caps in the UK to attract top talent. Do you guys think that the European banks would eventually start to do the same to be able to compete, or is there too much European politics involved for them to do anything about it?
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I think EU still has the cap so since their HQ there, it's harder if not impossible to scrap? Not 100% sure. But FYI, the cap never stopped people getting their comp, it just meant banks had to give more of it fixed. This change probably helps the banks more than it helps employees cos banks can shift towards less fixed, more variable pay.
Ah, this makes sense.
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