Michel Barnier, the EU’s financial services chief, has proposed that bank investors should set maximum ratios on the size of bonuses compared with fixed pay, according to a document obtained by Bloomberg News. The European Banking Authority would publish aggregate data on the limits.
In the meantime, The Financial Times reports that Credit Suiise is to rfelocate dozens of back office jobs from Singapore to India and Poland, which are lower cost locations.
Finally, The New York Post reports that Wall Street, once the city’s powerful job engine, appears dead.
The number of workers employed in the financial sector has dropped by 5.1% since its 2007 peak — and few expect those 30,000 to come back any time soon.
Credit Suisse moving some Singapore jobs (registration required)
image: © Antonio Morales GarcÃa