![]() ![]() “I’ve heard stories of bankers who were paid zero bonus this year who likely would have gotten less if they didn’t have these allowances and such high salaries. In a wide-ranging interview covering topics such as the different cultures of Europe and Asia, the reasons why IPOs fail and the global financial crisis, Craig Coben, the former co-head of global markets at Bank of America, suggests that in London at least the European bonus cap, along with its compensatory 'allowances,' totally distorted the 2022 compensation process: If you’re one of the unfortunate bankers who got a doughnut in this year’s bonus round, there’s one small sugary crumb of comfort which it might be possible to take – according to one industry expert, it could have been worse.
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