LONDON (Reuters) - Bank of America Merrill Lynch
EU rules that limit bonuses to no more than annual salary, or twice that with shareholder approval, came into force last month. Many financial institutions, worried about losing top talent to international competitors, are restructuring pay as a result.
Under the plan, the salaries of Bank of America front office managing directors based in the EU will be $500,000 (306,560.39 pounds) and the bank is considering handing out extra cash payments to senior staff twice a year which will count as fixed salary rather than a bonus, the person said.
A Bank of America spokesperson declined to comment.
In November Barclays
(Reporting by Clare Hutchison; Editing by Louise Ireland)