UK removes bonus caps - thoughts from London bankers?
AN1 in NYC so not really in touch with junior counterparts across the pond. How are London bankers reacting to this?
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It's been well established that this won't see a rise in total pay. The only implication is that fixed incomes will be kept lower, and variable incomes can then be allowed to fluctuate. One benefit is that it will make it considerably easier for multinationals to offer their well-compensated (typically American) employees a competitive pay package to move to London. But the move is largely symbolic.
It saves the banks money as they had to pay inflated bases to MDs were average or below average. Now they can pay those MDs less with the justification that they can earn it back via bonus, which not everyone will. Of course this also allows the top MDs to have a more "eat what you kill" attitude.
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