LONDON (Reuters) - Bank of America Merrill Lynch is raising salaries for some of its senior bankers by about 20 percent, a person familiar with the matter said on Monday, to get around a new European Union cap on pay.
EU rules that limit bonuses to no more than annual salary, or twice that with shareholder approval, came into force last month. Many financial institutions, worried about losing top talent to international competitors, are restructuring pay as a result.
Under the plan, the salaries of Bank of America front office managing directors based in the EU will be $500,000 and the bank is considering handing out extra cash payments to senior staff twice a year which will count as fixed salary rather than a bonus, the person said.
A Bank of America spokesperson declined to comment.
In November Barclays
(Reporting by Clare Hutchison; Editing by Louise Ireland)
Relacionados
- Acuerdo de los grupos para pedir a la Junta obras de infraestructura hidráulica en Villalar (Valladolid)
- La economía colombiana puede crecer dos puntos más con infraestructura y paz
- Concluyen las obras de infraestructura del túnel de salida de la rotonda del PISA
- Endesa termina el 80% de la infraestructura en la zona residencial de La Remunta en L'Hospitalet
