Where am I?
Home > Chronicles > Economy > World
Sunday, November 22 2009 01:07h
FINANCIAL POLL
Half Of Bankers Would Quit UK If Bonuses Capped
The poll was conducted between Feb. 16 and Feb. 20, with 888 financial professionals responding.
Half Of Bankers Would Quit UK If Bonuses Capped
The Newest Articles
photo: Reuters
A man walks past a Santander bank branch in central Madrid.

Author
Author
Reuters
Illustrative photo
TEXT
Published: February 27, 2009 09:08h
Half of British bankers would consider leaving the country if a cap were put on their cash bonuses, a survey showed on Friday.

The poll by jobs website eFinancialCareers.com found that 49 percent of British-based bankers would consider voting with their feet such a limit to their income were introduced. That figure rose to 71 percent among financiers with six to ten years experience.

"Were bonuses to be capped unilaterally in the UK, the country would run the risk of an exodus of top financial talent," said John Benson, chief executive of eFinancialCareers.

However, the number of alternative locations in which to work has shrunk dramatically as the credit crisis has hit hiring and pay around the world.

"(That) 71 percent (of people with six to 10 years experience) would move abroad I don't doubt, given the opportunity. That last word is the operative word," said Shaun Springer, who heads recruitment firm Napier Scott.

"If you could tell me of the areas that could harbour those skill sets (of bankers), please let me know -- I'll be flying out there."

U.S. President Barack Obama this month set a $500,000 cap on executive pay at state-backed banks -- pocket money on Wall Street before the crisis.

European banks are also under pressure to curb bonuses, especially those that have taken government help, and many have cut them.

Thirty-three percent of bankers polled said they believed caps on cash bonuses are the most likely change to be implemented over the next year and 39 percent support such caps.

The poll was conducted between Feb. 16 and Feb. 20, with 888 financial professionals responding.

Related Articles
ADS
ROLLS-ROYCE

Rolls-Royce says car market picking up in Asia

The Britain-based carmaker had a bumper year in 2008 when it sold a record 2,012 cars...
WALL STREET

Wall Street down on technology jitters

The Dow Jones Industrial Average dipped 10.95 points (0.11 percent) in opening trades...
GOLD PRICE

Gold rockets to record high above 1,150 dollars

Traders said the dollar's overall weak tone was due to the prospect of US interest rates...
TAKEOVER

Volkswagen board approves Porsche takeover

The company said it wanted to "modernise and expand its product line" and to enter "new...
GOLD PRICES

Gold demand climbs quarter-on-quarter

In dollar terms, the value of global gold consumption advanced almost 13 percent to 24.7...
CHOCOLATE MAKERS

Hershey and Ferrero will buy Cadbury?

The news could remould the chocolate-making sector with a takeover costing more than 10.0...
APEC

Obama joins APEC leaders for dress-up dinner

The leaders were to be treated to a spread of Singapore cuisine -- made less spicy and...

ADS
------------------
Copyright © 2006-2009 Javno.com   All rights reserved.