Top bankers and investors have warned that an EU bonus cap for banks poses a competitive threat to Europe’s finance industry.
Executives at large European banks said they were at risk of losing key traders and top managers to US and other international rivals after EU officials provisionally agreed on a 1:1 bonus to salary ratio. With shareholder approval, the ratio can rise to 2:1 in what pay experts called the harshest curb on private sector pay globally.
“This will seriously harm European competitiveness and have a negative impact on the real economy,” said Simon Lewis, chief executive at the Association for Financial Markets in Europe, a trade body for investment banks.
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