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FSA bonus buyouts ban triggers banking recruitment meltdown

Friday 5th February 2010

By Mike Jones

City headhunters claim banks are in "disarray" over hiring policies because they are not clear what packages would be permitted under new rules from the Financial Services Authority.

The uncertainty has brought the hiring market to a standstill, the Daily Telegraph reports.

Investment banks used to compensate staff for unvested incentive schemes by offering them a matching package.

But now the FSA is blocking the practice because a buyout breaches a key principle of the new remuneration code – that a bank should be able to claw back bonuses.

Click here to read full report in the Telegraph.

Are you a recruiter in the financial sector? Tell us your experiences of this issue using the comment section below

View Comments 1 comments

Posted By Mark Firth on Friday 5th February 2010 11:15:59
The sector isn't in "disarray" but watching the political game that is being played out.The companies are continueing to make strategic hires but they and the candidates are mindful that at present they are an easy target in the economic climate of an election year on both sides of the Atlantic.

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