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

(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.

People are silhouetted as they walk past the Bank of England in the City of London.
People are silhouetted as they walk past the Bank of England in the City of London.   (AP Photo/Matt Dunham, file)
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If we implement what I propose, we have a tougher regime than is in place in any jurisdiction in the world. - Report author Sir David Walker

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