Always a dumb idea, laws on what people can be paid ffs. 

Though afaik most bankers liked the cap because it pushed up guaranteed salaries which are predictable and can't be deferred or clawed back.

Long-run it's just left the banks full of under-performing MDs on guaranteed fat wages who are too expensive to fire and can't get a job elsewhere.

GOOD NEWS!!

#COSTOFLIVINGCRISIS #PRIORITIES

Or maybe they've prevented another banking failure and requiring tax payer intervention.  

What do they call it

Privatise the profits, socialise the losses.

The Bank’s regulatory arm, the Prudential Regulation Authority (PRA) said on Tuesday that scrapping the bonus cap would instead boost the “safety and soundness” of banks, which would be able to “restructure pay faster and the change would give firms further flexibility over their cost base to deal with downturns”.

It's the regulator calling to scrap it because it hasn't worked as intended.

(I admit it is funny to do this now)

great news

People need to update to the reality of 2023 - you might find some ruthless bastards in New York or Dubai still, but bankers in London are all harmless duffers scrabbling around for anything to do in the dregs of a totally dead capital market.

If we want to pre-emptively punish people for causing the next economic crisis it's the PE industry and their lawyers we should be capping the pay of. 

hush now

capping pay of employees always struck me as an oddly leftwing policy

TRICKLEDOWN CRUMBS FROM THE TABLE ECONOMICS!!!! 

FFS.

This is Truss level mentalness. 

It's not great vote winning optics is it?

Interested to hear why funds lawyers pay should be capped tbf 

Hehe a good kicking for the left