U.S. banks are close to tipping point regarding U.K. pay rules

01/11/2010 | NYTimes.com

JPMorgan Chase, Goldman Sachs and other major U.S. financial institutions are voicing their opposition to British regulations and taxes aimed at reining in bankers' compensation. The banks are reassessing their commitment to London. "It is very dangerous to lead the pack in regulation like this," said Stuart Fraser, the policy chairman of the City of London. "You can only push people so far."

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