Remuneration at major banks 'rose by $13bn in 2012'

11 March 2013

Remuneration at the biggest banks in the world rose by £8.8 billion ($13 billion) in 2012, a new study has revealed.

Research carried out by Reuters established that even though operating conditions for financiers remained tough throughout 2012, 35 of the largest lenders globally collectively raised their compensation packages by this figure when compared to 2011.

Over the course of the last few years, the issue of bankers' pay has been almost constantly in the headlines and recently, it emerged that European Union officials had decided to implement a plan whereby professionals can receive a maximum of the equivalent of one year's salary in a bonus.

However, it seems that that many major companies are not letting this regulatory change affect their remuneration policies at present.

For instance, Wells Fargo lifted their total pay awards by around two per cent in 2012 and a spokeswoman from the US institution said: "We support our team members as a competitive advantage and are committed to compensating them based on performance."

By Tony Aynsley

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