UK Weighs Super-Tough Bank Bonus Laws
Banks to be ordered to reveal numbers of millionaire staff
By Rob Quinn, Newser Staff
Posted Nov 26, 2009 9:03 AM CST
People are silhouetted as they walk past the Bank of England in the City of London.    (AP Photo/Matt Dunham, file)

(Newser) – British bankers will soon face the toughest bonus rules in the world, according to the author of a report the government is pushing to implement. Bonus payments will be delayed for up to 5 years under the planned legislation, and banks will have the power to "claw back" bonuses in the event of misconduct, Bloomberg reports.

The report—commissioned by the government amid widespread anger at huge salaries paid to execs at bailed-out banks—also calls for banks to reveal the number of employees with salaries over £1 million ($1.65 million). The report's author estimates such disclosure will reveal hundreds, possibly thousands, of bankers with seven-figure incomes, reports the Guardian.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
UK Weighs Super-Tough Bank Bonus Laws is...
Show results without voting
You Might Like
Showing 3 of 7 comments
Dec 14, 2009 4:20 AM CST
kennyboy, you are wrong. think about it.
Nov 27, 2009 4:04 AM CST
Remember Spit On A Banker Day
Nov 26, 2009 5:43 AM CST
Limiting salaries and bonuses is an idiotic idea that benefits no one. However if one were allowed to make as much money as they can and then taxed down to a reasonable level the benefit would flow to the entire country. How much is a reasonable level? How about leaving them just short of the amount it takes to purchase a congressman.