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insidetrack

Darling Tames The Banksters!

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http://news.bbc.co.uk/1/hi/business/8283735.stm

From now on the banksters will pay themselves very sensible bonuses because it's the right thing to do. :lol::lol::lol:

UK banks accept curbs on bonuses

The chancellor said UK banks were leading the way

Britain's five largest banks are to accept the curbs on bonuses agreed by G20 leaders at the recent Pittsburgh summit, Alistair Darling has announced.

The five banks that have signed up to the new rules are Barclays, HSBC, Lloyds, RBS and Standard Chartered.

While the curbs do not limit bonuses, the changes will include the banks having to disclose all such payments.

The chancellor said UK banks were leading the way, and he expected them to set the global standard for others.

Banks have been under pressure to limit large bonuses since the credit crisis.

Excessive bonuses were considered to be a significant cause of the big losses in the banking sector, because they encouraged investment bankers to take excessive risks.

The five banks said in a joint statement that "it is essential that banking reward is consistent with effective risk management and that there is parity both nationally and internationally on these issues".

They will now comply with the new rules on remuneration that city regulator the Financial Services Authority is to put into force on 1 January, in line with the G20 agreement.

The five banks that have agreed to limit their staff bonuses include three that have not needed access to emergency government funds - Barclays, HSBC and Standard Chartered

Edited by insidetrack

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