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European banks face exodus of staff to US rivals
Business digest: City-based US banks are likely to benefit from staff fed up with bonus restraint
European banks face losing their brightest talents to their American rivals as differences between the US and EU responses to the financial crisis start to show in the way bonuses are awarded.
British-based US banks are expected to be the biggest beneficiaries.
Last week, US banks Goldman Sachs, Citigroup and JP Morgan handed bonuses with a significant cash element to their London-based staff. Colleagues at European banks will receive most of their bonuses in deferred shares.
The US has been less aggressive than the British government in its anti-banker rhetoric.
Stéphane Rambosson, managing partner of financial advisory company Veni Partners, told the Daily Telegraph: "A number of European banks have issues. They have been operating on the goodwill of their staff for the last couple of years, but people are getting fed up."
Read a full report at the Daily Telegraph. ·
