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 EU rules that limit bonuses to no more than annual salary, or twice
that with shareholder approval, came into force last month. Many
financial institutions, worried about losing top talent to
international competitors, are restructuring pay as a result.
Under the plan, the salaries of Bank of America front office
managing directors based in the EU will be $500,000 and the bank is
considering handing out extra cash payments to senior staff twice a
year which will count as fixed salary rather than a bonus, the
person said.
A Bank of America spokesperson declined to comment.
In November Barclays <BARC.L> unveiled a plan to give senior bankers
additional monthly payments and last month an industry source said
HSBC <HSBA.L> is considering giving out shares to about 1,000
top-ranking staff.
(Reporting by Clare Hutchison; editing
by Louise Ireland)
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