Most Banks Expect Salary Increases to Offset EU Bonus Cap
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More than half of global banks said they would increase salaries to offset the effect of European Union bonus caps, according to a study by human resources consultants Towers Watson & Co.
The poll, of more than 150 human resources employees attending a conference in London last month, found that 7 percent thought the EU rules would be successful in reducing pay across the financial services industry. About 53 percent said they would increase pay. Finance workers will also receive more training, increased pension contributions and flexible working programs as a result of the bonus rules, the report said.