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Bank of England Chief Suggests Rules Needed for Bankers’ Fixed Pay

Roberta Holland | November 19, 2014

While capping bonuses for bankers has been a hot-button issue in Europe this year, the head of the Bank of England said this week that new regulations may be needed to target the fixed pay of bankers.

Mark Carney, governor of the Bank of England and chairman of the Financial Stability Board, said in a speech in Singapore that new European Union rules placing a cap on banker bonuses has had the “undesirable side effect” of limiting the scope of remuneration that can be cut back. The U.K. is fighting the bonus cap, which limits bonuses to 100 percent of fixed pay or 200 percent with shareholder approval, in the EU’s high court.

“This makes the case for additional reforms to ensure that the burden of excessive risk-taking and misconduct by staff can still be borne by those staff,”...

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