The numbers have been crunched and there’s good news and less good news.
The good news is you’re getting a bonus. The less good news is you don’t get to keep it.
The highest paid bankers and traders in the UK and Europe who receive a bonus of £1m this year could end up receiving no money at all after tax in 2011 – and may face a tax bill that is bigger than the upfront cash part of their bonus – under current European proposals to reform remuneration. Calculations by Financial News based on the latest bonus proposals by the Committee of European Banking Supervisors show that anyone in the UK – or working for a UK bank anywhere in the world – who receives a £1m bonus would receive a maximum of £200,000 in cash upfront.
Of this, £100,000 would be payable in income tax and, depending on the nature and structure of the award, another £100,000 could be payable in tax immediately. Including national insurance, or higher marginal tax rates in some European countries, the upfront tax liability could be more than the upfront bonus.
All your bonus are belong to us
awesoe, fucking obama
We do not anticipate that this will have any impact on employee performance in future years.
– AIG Quant
You can’t have any pudding if you don’t eat your meat.
“Committee of European Banking Supervisors show that anyone in the UK – or working for a UK bank anywhere in the world”
Serious question: can a banker working for Barclay’s, RBS, etc. in the U.S. (or any other country for that matter) really be subject to UK tax law, when you’re not filing in the UK? They must mean UK citizens working for a UK bank anywhere in the world, right?
Yeah, I forgot Obama was the chairman of the Committee of European Banking Supervisors. Fucking idiot.
to the person lacking reading comprehension skills, the above article says this is happening in the UK.
don’t know if the pound instead of dollar symbols tipped you off to that.
I hope you burn for your stupidity.
What about other financial services companies? Do insurance companies or asset managers get hit with this too?
Prager is nucking futs
Bess you clearly haven’t seen the vision:http://www.youtube.com/watch?v=qv9VDSIm_Oo
I have an interview at GS today, can anyone offer advice?
and thus starts a new immigration problem of euro bankers to the U.S.
I do believe he’s being facetious.
Due to lack of correlation I suppose.
Hey, didn’t you review the GS recruitment video !!! Bess tries to help you out
and do you ever listen? You have Nooooo chance, loser.
Then do your part by voting his @$$ out in 2012. And call out all your buddies who voted for the @$$hole.
Hey mudslinger, theres only so much you can learn from a video you tool.
Well played
You are watching the wrong videos, son.
J. Gundlach
It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness….
That burning smell is your sarcasm detector.
More like a wave of bankers to Switzerland
Wow. You have to be the biggest weenbag on the planet. Go hang yourself troll.
We don’t understand why there has been a dramatic drop in UK-based bankers, and a surprising, equally large rise in Tortola-based consultants temporarily employed, 365 days a year by investment banks.
- HM Treasury
Meet me at Minetta….
They would mean any employee of a bank chartered out of the UK and all its foreign subsidiaries. Time to update the resume.
-RBS employee
It’s worse in Norway, I promise
You people grossly overestimate the banks’ ability to relocate and it is not like Switzerland will really welcome an onslaught of foreigners.
This is the trouble with Europe. Sooner or later it’s France’s turn to be in charge of something important.
suck somebody off, perhaps they’ll offer you to trade some commodities
suck somebody off, perhaps they’ll offer you to trade some commodities
There’s that old joke:
In Heaven,
The French are the chefs
The Germans build the cars
The British are the police
The Swiss run everything
The Italians are the lovers
In Hell:
The Germans are the police
The British are the chefs
The French build the cars
The Italians run everything
And the Swiss are the lovers
Wow, the European Parliament has figured out yet another way to piss off the UK and make the Brits question the concept of the EU… well done!
Read the thread! Or ……… did you just look at the pictures. Must be
Columbia B school !
Holy mother fucker that is great.
Go easy on the guy, he is just repeating what he saw on Glenn Beck. I really think it’s our responsibility to educate him.
Lets start off with something easy….K k. now make the sound….. kkkkkk….It’s used in UK or King. Now try S s. Make the sound…..sssssss….. its used in US or in this case Stupid comment
If you need extra help meet me at Minetta’s, bring your coloring books so I know it’s you.
Welcome with open arms, no.
Gladly accept their money and grant them temporary residence visas (for a fee, of course, for a fee) whilst at the same time electing ultra-nationalists to the parliament, yes.
You people??? What do you mean, “you people”?
Obama is president in the EU? Idiot.
Barcap… hey… guys… yes you who went to Barcap thinking it was more Lehman and less, well, Barcap… LOL @ your dumb asses
new, switzerland wide tax on income over 250k CHF…so not so much
Pretty much none of the British electorate want to be in the EU and the much-vaunted benefits are dubious, inefficiently delivered and come with an enormous bill. That bill, incidentally is likely to rise this year, while most member states are introducing heavy spending cuts domestically.
The only rational conclusion is that it’s extension of British foreign policy since the year dot: our role in Europe is to divide it and stop it becoming too powerful (i.e. keep the French and Germans hating each other). That and prime ministers wanting to play at statesmanship.