According to the bank, this would provide “more flexibility” and be more in line with the practices of other major financial hubs like Singapore and New York.
The EU placed a restriction on bonuses in 2014, doubling the basic salary.
Similar actions are rumored to be under consideration by other large institutions.
Despite objections from the British government, the EU imposed a cap on bankers’ bonuses in 2014 in an attempt to deter the kind of excessive risk-taking that fueled the global financial crisis of 2008.
