The Bottom Line: If Mr Cable has his way...
While there may have been a sharp intake of breath at the news that the EU has passed legislation capping bankers’ bonuses, my view is that this will have little impact on the investment banking hiring environment. It was pretty obvious soon after the election that the new coalition had softened its stance on banks somewhat and so the new legislation, at least as far as the investment banks are concerned, isn’t really that draconian.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more