Poll: EU Bonus Cap Would Drive Up Bank Salaries

When HR employees representing global banks were polled by the consulting firm Towers Watson & Co., 53 percent said salaries would go up to offset EU bonus caps. Many respondents thought highly-paid staff would be likely to flee, with New York being the destination of choice. According to European Banking Authority definitions, someone earning more than 500,000 euros, or $664,000, would be subject to the rules.