Bankers to have pay awards curbed?

14 November 2011

Senior professionals in the banking industry may have their salaries limited by law in the near future, a government minister has indicated.

According to business secretary Vince Cable, introducing new legislation designed to curb excessive pay among executives in the wake of the global economic downturn is a measure under consideration by the Conservative-Liberal Democrat alliance.

Speaking during an interview with the BBC, Mr Cable stated that he has "sympathy" with those people taking part in anti-capitalist demonstrations in London at present, as this is a reflection of the fact that a small percentage of people have done "extraordinarily well" during the crisis, while the majority have suffered.

With this in mind, the minister - who is also MP for Twickenham - has now established a review to see what shareholders can do to prevent excessive pay and added it is "quite possible" that legislative action will be taken in 2012.

By Asim Shah

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