Ir­ish bank pulls the plug on bonuses

The Pak Banker - - Front Page -

DUBLIN: Ir­ish Fi­nance Min­is­ter Brian Leni­han has told Al­lied Ir­ish Banks that any state aid would only be paid over on con­di­tion that no staff bonuses were paid out - no mat­ter when they were earned. This has ef­fec­tively put a stop to the in­tended pay­ment of some $52m in bonuses which 2,400 of the bank's staff were due to re­ceive in the next few days. The pay­outs re­lated to work un­der­taken in 2008 and were sub­ject to a le­gal chal­lenge by staff, af­ter the bank said no bonuses would be paid that year. The Ir­ish High Court ruled ear­lier this year that the pay­outs would have to be made, but the ac­tions of the Ir­ish Govern­ment has put a stop to that. In the mean­time, Bloomberg re­ports that Bank of Amer­ica, Citi, Gold­man, JPMor­gan and Mor­gan Stan­ley might end up hav­ing a bet­ter fourth-quar­ter than many ex­pect, driven 'by eq­uity un­der­writ­ing and higher vol­umes in stock and bond trad­ing'. -PB News

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