Top banks in talks about cutting bonus payments

British Bankers' Association considers collective reduction of bonus pay-outs.

By New Statesman Published 15 November 2010

The British Bankers' Association is in secret talks about collectively reducing the amount that the biggest banks will award in bonuses in the new year.

According to the BBC, one participant has suggested that total bonuses could be cut from £7bn to £4bn, although this figure would still attract criticism.

Huge bonus pay-outs have been the cause of considerable public anger as the banks appear to return to business as normal but the rest of the country faces harsh austerity measures.

Vince Cable, the Business Secretary, said that banks could face more taxes if they continue to pay out "outrageously large" bonuses.

If there is any agreement from the talks, the fear will remain that top banking talent could emigrate. Wall Street is not keen on the idea of a mutual agreement on restricting bonuses.

Tags: Politics News

View the discussion thread.

5 comments

Tue, 2010-11-16 01:05 — Nick9

The banks will never go without, it's just telling the public what they want to hear, it's more spin about the weakest ever 'get tough' on the banks who will always profit from it's customers. Customers should go on a revolt and stop paying back loans and credit cards until these bonuses are reduced to zero. I wouldn't trust Cable any more than I do Cameron, Osborne, or Clegg.

Mon, 2010-11-15 10:03 — Mr. Divine (not verified)

Why not triple bonuses?

Tue, 2010-11-16 09:49 — fdgfdgfdg (not verified)

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handbag $33

AF tank woman $17

puma slipper woman $30

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Tue, 2010-11-16 17:33 — bing91

maybe you can find answers here:

=== http://tinyurl.com/23lm6pa =====

Tue, 2010-11-16 18:31 — Brendan Caffrey1

The government now will only produce total figures for annual bonuses. This means that individuals will not be named, nor will the size of their bonuses.

Does show a fear of an angry individual attempting to find out where they live; or merely allowing firms to claim thet the number of recipients is so large that any one individual will get a much reduced bonus than previously?