"To be fit for the future and meet the needs of the regulations, banks are changing pay structures for the most senior bankers."
STEPHEN BROOKS, EXPERT IN PEOPLE MANAGEMENT, PA CONSULTING GROUPFT AdviserCara Waters17 August 2011
PA Consulting Group’s Stephen Brooks is quoted in FT Adviser in an article dedicated to PA research. Stephen, an expert in people management, gives his view on PA and City HR’s survey of senior banking executives on the new FSA Remuneration Code.
FT Adviser reports that the PA and City HR study found “that 58 per cent feel the code would make it easier to attract talent away from London and, as a result, 82 per cent predict that the Code will risk weakening UK competitiveness.”
The article goes on to report that “only 34 per cent of those surveyed expected the code to have a beneficial effect within the industry.”
Stephen said the objective of the code was to sustain market confidence and promote financial stability. He said: "To be fit for the future and meet the needs of the regulations, banks are changing pay structures for the most senior bankers and many expect to increase base salaries to re-balance the total reward package as a result of bonus deferrals and issuance of stock."
You can read the article in full here.