Not salary, and not bonuses - but monthly allowances for the lucky few.
London's top traders and bankers could soon see a big boost to their monthly pay as part of an effort by banks to hold onto their best performers despite a new European Union law limiting annual bonuses.
The Wall Street Journal reports that at least a dozen banks operating in London, including Barclays, JPMorgan, and HSBC are considering giving their highest-paid staff 'role-based' monthly allowances, according to people familiar with the plans, to make up for pay that might have previously been given as part of an annual performance award.
The potential move is a response to a new EU law limiting annual bonuses to no more than a year's salary starting next year. The European Commission says the rule will help tackle excessive risk taking that can weaken banks. Critics say it will raise banks' fixed costs and cut their ability to link pay with performance.
Monthly allowances, which are among the options banks are considering, would be based on an employee's role and responsibilities and could be reset each year.
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