One of the architects of the EU's cap on bankers' bonuses has called for the UK government to be sued for allowing banks to sidestep the new rules as two more high street banks were preparing to hand their bosses up to £1m in extra pay to avoid the clampdown.
Bankers who earn more than $1.4m won the chance of a reprieve from European Union bonus curbs as regulators published a blueprint to implement rules on rewards for irresponsible risk-taking.
"Dear shareholder, this new EU law capping bonuses is silly so we've decided to exploit the enormous and very obvious loophole. Stuff Brussels: we're not paying ourselves less. Your co-operation in this matter is greatly appreciated."
UBS, trying to reprise its success in limiting fines in a probe of interest-rate rigging, is seeking immunity in the U.S. and European Union as part of the global investigation of currency markets, two people with knowledge of the case said.
The bosses of Britain's biggest banks are on course to be awarded millions of pounds in share payments to circumvent a Brussels-imposed bonus cap – a move that risks inflaming the toxic row over City pay deals.
Barclays will begin to hand out bonuses on Friday to its 140,000 staff around the world from a bonus pool expected to be bigger than last year's.
A leading City fund manager considered pulling an investment in Amazon from its ethical funds because of the online seller's tax avoidance measures and its employment conditions for its staff around the world.
The focus on UK bankers’ bonuses is reaching all the way from Parliament to the shivering masses on the trading floors.
UBS and JPMorgan are among at least four banks in talks to settle a third European Union probe into derivatives linked to benchmark rates such as Libor, according to three people familiar with the case.
The chief secretary to the Treasury has poured cold water on plans being hatched inside Royal Bank of Scotland to pay bumper bonuses to senior staff.