The Times here in London is reporting that bank bonuses are set to take a big tumble this year following poor FICC performance, weak investment banking results, and continued provisioning related to staff (mis-)conduct. It indicates that bonuses could go down by as much as 60% this year, lead by Credit Suisse with DB also paying lower bonuses. Indeed, John Cryan, DB's new chief executive, indicated that bonuses could approach zero in certain cases. With clawback now a feature in the City, I wonder how long it will be till such features are activated for failing conduct standards?
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