Report - Bank of America Merrill Lynch to award senior staff 20% pay rises

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Bank of America Merrill Lynch (BAML) has become the latest big financial institution to dish out substantial pay hikes to its top City staff as it tries to sidestep new European pay rules.

Sky News has learnt that BAML is increasing the annual base salaries of hundreds of London-based managing directors to $500,000 (£305,000), a top-up of roughly 20% from their current level.

Employees were informed about the awards last week.

Like other global banks, BAML is keen to avert the prospect of its top staff being poached by rivals which have chosen to increase pay under new restrictions meaning they can pay only up to double an employee's salary in bonuses.

These awards, which will form part of the base salary sums used to calculate maximum bonuses from this year onwards, will be paid in October and December, according to a person briefed on the plans.

HITC was unable to reach a Bank of America Merrill Lynch spokesperson for comment.

Hit the link below to access the complete Sky News article:

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