Citigroup will pay most of its investment bankers in Europe at least half of their bonuses in cash this year, underlining how US banks continue to be much more generous than their European rivals.
The news is likely to revive a debate over European banks’ loss of competitiveness after they have been hit by much stricter rules on pay and a tougher economic environment than their US counterparts.
Investment banks in the UK, Germany and Switzerland have drastically scaled back their cash payments in recent years amid regulatory pressure, lower profits and political criticism over what some have perceived as excessive bonus structures.
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