US banks 'to resist calls for bonus restraint'

8 December 2011

US banks operating in Britain are willing to reject calls from regulators in the country for them to show restraint when it comes to their staff bonuses.

In recent times, the UK government has urged companies in the financial arena to scale down the added extras on top of their employees' standard pay packets in order to avoid any repeat of their role in the recent global economic downturn.

However, according to a report by This Is Money, American lenders are prepared to ignore such requests, even if their British counterparts comply.

This is because despite the fact that, in general, pay packets will slip below the levels posted in 2010, the compensation rations of most US banks are set to go up.

Tom Gosling of PricewaterhouseCoopers' accounts department told the news source that American financiers will not be happy about disclosing the salaries of their senior executives based in London.

By Tony Aynsley

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