It's clearly all right for some.
Top U.K. investment bankers were paid an average of $2.65m in 2012, as bonuses continued to exceed caps set to take effect next year, according to the European Union banking regulator.
Bloomberg reports that the highest-paid bankers in the U.K. had an average bonus-to-salary ratio of 370%, according to the European Banking Authority survey of EU finance workers who earn more than $1.36m a year. In France, the ratio was 495%.
The EU brokered a deal in February to outlaw banker bonuses that are more than twice fixed pay, a move lawmakers said would prevent excessive payouts and curb irresponsible risk-taking. The U.K. government challenged the caps at the EU’s highest court in September, saying they were illegal. The rules are scheduled to take effect next year.
'All figures received from national competent authorities have been aggregated by the EBA and represent the remuneration paid to high earners in the given member state', the London-based EBA, set up in 2011 to harmonize banking rules in the EU, said in the report.
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