Lamport Bassitt Solicitors - Legal News - Bank bonuses defended by executives


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Bank bonuses defended by executives The bonuses paid to leading UK bankers have been defended by executives working in the sector. Speaking to the Treasury Select Committee, a group of leaders from financial institutions said that failing to engage in such remuneration would result in problems. Ben Barrat, head of financial services recruitment at Alexander Mann Solutions, remarked: "Those that have succeeded have proved themselves to be extremely valuable assets and, understandably, the banks are keen to do whatever it takes to keep hold of these people." He went on to say that if one bank refuses to pay bonuses, it would have to be prepared to lose some of its best performers because they would not be short of lucrative pay offers from rival firms. It is impractical to attempt to stop bonuses in a competitive market, Mr Barrat added. In his recent Pre-Budget Report, chancellor Alistair Darling announced he was to implement a higher tax rate on banking sector bonuses of over £25,000. Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News