Britain's Financial Services Authority has angered Wall Street banks by attempting to clamp down on bonuses to financiers who rarely set foot in London, The Sunday Times reports. The regulator has determined that any individual with significant influence over decisions made in Britain be included in remuneration curbs. Banks being pressured to comply include Bank of America Merrill Lynch, Citigroup, Goldman Sachs Group and Morgan Stanley. Bloomberg
PwC 'beauty contest' inquiry
PricewaterhouseCoopers, the second-largest accountancy firm in the world, has launched an investigation after male staff at its Dublin branch in Ireland were found circulating e-mails where they rated the attractiveness of female colleagues, reports The Daily Telegraph. In the e-mail, which included pictures of 13 women who recently joined as trainee accountants, the male employees were asked to nominate their "top 10" women based on looks.
Asian wealth rise drives banks' recruitment
Private banks will sharply increase staffing to capitalise on the growing number of wealthy individuals in Asia, despite a tentative recovery in revenues. Much of the hiring reflects rebuilding after banks, weakened by client outflows during the credit crunch, shed staff. But some warn that hiring may be running too fast ahead of a sustainable recovery in the business. RBS Coutts, for example, lost 90 staff in Asia during the credit crunch, but the 150 hires made this year mean staffing numbers have already surpassed pre-crisis levels. Reuters