The Current Account: Banks Battle Rising Anger Over Bumper Bonuses and Pay
This week has been all about anger growing over banks rewarding their top staff and leaders millions and billions in bonuses and pay - despite them still behaving badly.
Barclays faces a strong shareholder backlash after the group boosted bonuses, despite a drop in profits and a spate of mis-selling scandals which have already cost the bank billions of pounds in compensation payouts.
Meanwhile, Lloyds revealed it will cap 35,000 staff pensions despite paying its chief executive £8m in salary and bonuses.
Elsewhere, despite Co-op having £1.5bn missing from their balance sheets and its former chairman being embroiled in a sex and illegal drugs scandal – it planned to triple the CEOs pay.
However, any anger may quickly dissipate as Euan Sutherland announced his shock resignation only a day after defending his pay – on Facebook.
But it's not just about hefty UK banker bonuses.
According to the latest data in the US, Wall Street bankers raked in 15% more in bonuses over the last year, from 2012.
According to pay regulator the New York Comptroller, the average award is the largest average bonus for Wall Street employees since the 2008 financial crisis and the third highest on record.
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