U.K. Chancellor, George Osborne, has signed a deal with some U.K. banks over bonuses, Financial Times reports. Lloyds Banking Group, Barclays, HSBC and Royal Bank of Scotland will pay lower bonuses to U.K. staff than last year, as per the agreement.
Santander U.K., the subsidiary of the Spanish banking group, has also agreed to take part in the lending targets. The banks will disclose the remuneration details of their five most senior employees below board level and will lend more money, especially to small businesses, pay more taxes and pay smaller bonuses, adds Bloomberg.
Click here for the story from Financial Times.
Click here for additional coverage from Bloomberg.