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Article: Osborne call to stop bank cash bonuses over #2k.
- Article from:
- Money Marketing
- Article date:
- October 29, 2009
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Conservative Shadow Chancellor George Osborne has called on the Treasury and the FSA to stop high-street banks paying out cash bonuses of more than #2,000.
Osborne said retail banks should be banned from paying out cash bonuses to allow profits to be channelled into new lending in a speech at Thomson Reuters in Canary Wharf on Monday this week.
Osborne's comments follow calls from shareholder groups such as Hermes Equity Ownership and hedge fund manager George Soros to ensure that banks do not pay bonuses out of profits generated on the back of taxpayer support.
Osborne said retail banks should only be allowed to pay significant bonuses in ...