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London Bankers Inch Closer to New York-Style Bumper Bonuses
Some of London’s top bankers might soon have a paycheck that looks more like the bonus-heavy packages of their New York counterparts. It’s been six months since the UK lifted a cap on bankers’ bonuses that had effectively limited such payments to two-times their base salary. Now, a slew of the country’s biggest lenders are asking shareholders for permission to rewrite their bylaws in a way that would allow them to adjust how they structure pay for legions of their best investment bankers and traders. Proposals touching on the issue will be up for debate at annual shareholder meetings held by HSBC Holdings Plc ... (full story)