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The EU's new bonus cap won't curb excessive pay, says ratings agency Fitch (Photo: Gideon Benari)

EU bonus cap to have little impact on bank pay

The EU's new bank bonus rules are unlikely to have much effect on executive pay, according to leading credit ratings agency Fitch.

In a paper published on Thursday (23 January), Fitch, which is one of the so-called 'big three' ratings agencies, said that it was "unlikely that compensation costs and benefits will fall significantly as a result of the bonus cap."

"Compensation costs of five large European global and trading banks were 41 percent of net revenues on average for the fi...

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

The EU's new bonus cap won't curb excessive pay, says ratings agency Fitch (Photo: Gideon Benari)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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