Summary Box: Insurers Urge Restraint On Banker Pay

By Salon Staff
December 6, 2011 9:27PM (UTC)
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CURB THE CASH: the Association of British Insurers, whose 300 members include major shareholders in banks, called for a fundamental review of pay and bonuses at the end of a difficult year in which banks' stock prices have fallen and several face huge payouts to compensate buyers of payment protection insurance.

BONUS BANKERS: The seven- and eight-figure bonuses pocketed by some bankers are a sensitive political issue, especially since taxpayers rescued Royal Bank of Scotland and Lloyds Banking Group during the credit crisis and continue to hold significant stakes in both banks.

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STASHING IT AWAY: There is concern as well that banks should be hoarding cash to protect against the possibility that a European nation defaults on its debts or the 17-nation euro currency collapses.


Salon Staff

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