Big bonuses for failure are history now

King Edward VI

Consigned to history.

One of the City’s biggest investors in banks has told bosses that it will not tolerate mega bonus payouts at banks which are failing.

The Daily Telegraph reports that Royal London Asset Management manages more than £80bn of assets and holds shares in all major UK and European banks. It has issued a warning to executives that they should not expect to be paid enormous US-style salaries and bonuses, and particularly not when their firms are performing poorly.

The investment firm spoke out after Credit Suisse boss Tidjane Thiam told his bank’s board to cut his bonus after the business recorded a $2.4bn loss for 2016.

Deutsche Bank's boss John Cryan also said he will take no bonus at all after the bank made a $7.6bn loss.

To access the complete Daily Telegraph article hit the link below:

Royal London warns banks: the days of bonuses for failure are over

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