Business

BBanks mull payment of bonuses amid shrinking economies

Major international banks may still pay out big bonuses to high flyers this year even as the pandemic saps the global economy, as fears of losing talent to rivals during a trading boom trump worries of a big compensation bill, Reuters reported yesterday.

While the likes of HSBC and Deutsche Bank are making redundancies to trim costs, other banks are taking a more relaxed approach to job, salary and bonus cuts across their workforces, remuneration consultants say. A poll in June of 75 financial firms by Pearl Meyer, a global remuneration consultant, showed 63 per cent have neither made nor contemplated changes to bonus structures in the face of the pandemic, even though 70 per cent expect COVID-19 to have a moderately or slightly negative impact on their businesses. Bonus plans also come despite a regulatory frown in Britain and elsewhere on bumper cash payouts in the early days of the pandemic, as banks were urged to conserve capital. “These banks move broadly in lockstep, no one wants to cut anything first,” said Simon Patterson, managing director at Pearl Meyer, which advises more than 1,000 companies on employee compensation structures annually.

 

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