The financial and economic crisis which led the State to step in to support the sector has consequences on wage policy, particularly managers' pay. Banks keep announcing reduced remuneration or removing bonuses. (Ref. 090066)
The Dutch
investment bank Van Lanschot Bankiers decided, on January 15, 2009, to reduce
its managers and its employees’ wages. Four administrators are
giving up 10% of their fixed wages, while the variable part of the salary of
the 2.400 employees of the bank is removed for 2008. Individual bonuses are
maintained, but they won’t be paid since most employees couldn’t achieve their
goals because of the crisis. Kempen & Co, a subsidiary of Van Lanschot, decided to reduce the wages of its 400 emplo
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