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Pay still a pinch point for European banks

Banks have cut their salary and bonus bills, but with markets looking tricky and low rates hurting other lending, pay is still vulnerable

Pay still a pinch point for European banks

It is that time of year when everyone thinks about whether they have been good or bad and then writes down what they want for a bonus. Well, in investment banking anyway.

Signs are that finance's Santa Claus will bear a lighter load this year, but this doesn't mean shareholders will be getting the benefit. Profitability is still poor because of higher capital and penalties for past misdeeds. For some banks, that means more cuts to come.

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