UK Financial institutions were warned on Thursday by Lord Mandelson that they risked public outcry if they handed out bonuses perceived as “exorbitant” amid a global backlash against executive compensation paid by banks bailed out by public funds.
The business secretary urged banks to exercise self-restraint in how much they pay their staff as the City bonus season gets under way. “They have also got to consider how it looks and how it seems when those mistakes and losses have been made,” he said at the launch of measures to boost lending to small businesses.
