News
Truth about banker pay: It's falling
Published on 6th February 2012 by Anthony Alexandrou
BRITISH investment bankers are braced for deep slashes to their pay packets after a slowdown in trading saw their US rivals cut bonuses by up to 30 per cent.
Truth about banker pay: It's falling
Industry insiders say that UK bankers are looking at a pay cut of 20-50 per cent – in addition to thousands in job cuts – contrary to the public view that the City has continued to ramp up rewards through the crisis.
Angela Knight of the British Bankers’ Association (BBA) said yesterday that “the public commentary has not kept up” with changes on the ground. She slammed politicians and media for “sweeping the facts to one side and distorting the debate”, adding that on the pay debate: “We need to end the personal pillorying.”
Barclays will be the next bank to brave the storm on Friday when it unveils full-year results, which are expected to show a pre-tax profit of £6.2bn. Pay cuts of nearly 30 per cent are said to be in the pipeline for its investment bankers.
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