The European Union's (EU's) move to cap bankers' bonuses could see those earning more than €500,000 to get significant pay rises, according to Martin Wheatley.
The chief executive of the Financial Conduct Authority (FCA) said the plan to limit bonuses could have a perverse effect which could see salaries doubled. Wheatley said the last time regulators attempted to restrict bonuses, pay of middle-ranking bank staff had gone up "by 100% and the same thing will happen again". The Guardian reports Wheatley told a conference that an attempt to cap bonuses at 100% of salary for anyone earning above €500,000 (£420,000) could make it difficult to "punish" bankers by clawing back payments when things go wrong. The EU has provisionally agreed to ...
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