U.K. Banks Agree To Pay Lower Bonuses

U.K. Chancellor,George Osborne, has signed a deal with some U.K. banks over bonuses,Financial Timesreports.Lloyds Banking Group,Barclays,HSBCandRoyalBank of Scotlandwill pay lower bonuses to U.K. staff than last year, as per the agreement.

Santander U.K., the subsidiary of the Spanish banking group, has also agreed to take part in the lending targets. The banks will disclose the remuneration details of their five most senior employees below board level and will lend more money, especially to small businesses, pay more taxes and pay smaller bonuses, addsBloomberg.

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