Wednesday, February 3, 2010

This will rattle London housing market.

Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum

In an extraordinary ultimatum that has shocked some of the City's biggest companies, the Financial Services Authority (FSA) told bank bosses that 60pc of all pay must be deferred, with no exceptions, even for those whose contracts conflicting with the edict.

Posted by tyrellcorporation @ 10:46 AM (1703 views)
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9 thoughts on “This will rattle London housing market.

  • BYE BYE our greatest ‘industry’

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  • About time!

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  • cat and canary says:

    sweet music

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  • cat and canary says:

    Notice Barclays, RBS (etc) share price not hit by this news…

    so perhaps its because …

    1) the market reakons the banks will relocate
    2) the market reakons the FSA action wont materialise
    3) the market reakons banks will save lots of money!
    4) the market reakons senior bankers dont do much for the businesses anyway!!

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  • or its the banks that actually tell the government (FSA) what to do

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  • Deferred. So they get it all anyway – only later. Later is that magical time when the economy is once again in full bloom.

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  • Or less cash to bonuses might mean higher dividends.

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  • nomad… Later… when we’ve all forgotten about greedy bankers and house prices are heading upwards again! You’ve got to hand it to them!

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  • Two statements stand out in this article:

    “pre-existing employment contracts that guarantee bonuses over a year or more.”
    and
    “One Merrill Lynch employee said: “We thought that contracts would be immune from changes”

    Therein lies the greed, arrogance, nonsense, folly and whatever other definition you prefer, behind the bonus culture and results in bonuses being paid regardless of performance.

    Just another example of bullsh*t Britain / Fantasy Island.

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