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Clawback Watch '16: British Bankers Can Run But They Can't Hide

The Bank of England is working on a new proposal it's hoping UK bankers are gonna love.
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Time was, you could lose a metric f*ck ton of money for, say, Barclays, collect a bonus, and then trot on over to RBS like nothing happened. No longer! Maybe! Anyway, the BOE wants to know what everyone thinks of this:

U.K. bankers may lose part or all of their bonuses even after they switch firms if they are responsible for losses at their previous employer, according to a Bank of England proposal. The BOE’s Prudential Regulation Authority is asking for feedback on the plan designed to ensure that employees can be punished financially for excessive risk-taking that goes wrong, it said in a statement Wednesday. The PRA is suggesting that an employee’s contract with any new firm would allow a penalty to be applied should the old employer determine he or she engaged in misconduct...By switching jobs and having new employers buy out the unvested portions of bonuses, employees are able to sidestep the impact of pay clawbacks from their old firms, the regulator said.

Bonuses May Be Clawed Back After U.K. Bankers Move, BOE Says [Bloomberg]


Clawbacks Watch '12: Deutsche Bank

Those shares DB awarded you to make up for the ones you were leaving with your old employer? They're going to need those back. Deutsche Bank has become the first global bank to introduce rules allowing it to strip staff of bonuses they earned at previous employers in the latest crackdown on pay. The largest European lender by assets has significantly tightened its bonus rules this year, enabling it to take back unvested shares that newly hired senior staff received in exchange for stock earned at another bank. The German banks’ stricter bonus rules, which came into force in January, apply to all new senior hires considered to be involved in the bank’s risk-taking, a spokesman said. These more than 1,300 “regulated employees“ include managing directors in the corporate and investment bank and members of the management committees of all other units. One recruitment expert warned the rule could make it harder for Deutsche Bank to attract senior talent as the potential job candidates might not be willing to put at risk stock earned at a previous bank. Deutsche Bank Turns Screws On Bonuses [FT]

Bonus Watch '16: British Banks

HSBC takes the lead, while RBS defies the odds by having any money at all to distribute.

Bonus Watch '16: London Bankers Predict They Should Get Jobs In Private Equity

If yearly take-home factors into their job satisfaction.

Clawbacks Watch '13: Barclays

Those Libor fines don't pay for themselves!