Top UK Banks Cave to Goverment Pressure on Bonuses

Out of the five that agreed to the new rules, only two have accepted emergency funds by the government.

The five banks that have signed up to the new rules are Barclays, HSBC, Lloyds, RBS and Standard Chartered.

While the curbs do not limit bonuses, the changes will include the banks having to disclose all such payments.

The chancellor said UK banks were leading the way, and he expected them to set the global standard for others.

BBC News

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza