ABN Amro raises salaries of top 100 managers

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ABN Amro Group, the Dutch state-owned bank that is preparing for a share sale, raised salaries of its top 100 managers by a fifth to compensate for loss of income from a proposed Dutch bonus cap.

'You have to offer competitive remuneration, otherwise you are eroding your bank', Chief Executive Officer Gerrit Zalm said in an interview with Het Financieele Dagblad. 'It’s inevitable'.

Bloomberg News reports that Dutch Finance Minister Jeroen Dijsselbloem last week proposed legislation limiting bonuses at banks and insurers to 20% of fixed salaries from next year, more stringent than European Union rules banning bonuses exceeding twice fixed pay.

ABN Amro is compensating its managers, who can get variable pay equivalent to fixed salaries under current rules, by raising salaries by a fifth from January 1, 2014, according to Hans van Zon, a spokesman for the bank who also confirmed Zalm’s comments.

To access the complete Bloomberg News article hit the link below:

ABN Raises Manager's Pay 20% to Counter Dutch Bonus Cap

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