UK Chancellor Alistair Darling unveiled during his pre-budget report a 50% tax on portions of bankers' bonuses. The tax will apply to British banks as well as international banks that operate in the UK, such as JPMorgan Chase, Citigroup and Goldman Sachs. The tax will apply to discretionary bonuses of more than £25,000. Meanwhile, Kenneth Feinberg, the US Treasury's pay czar, is moving toward enacting tougher compensation rules for the staff of firms that accepted government assistance.
Published in Brief: