UK-Based Bankers’ Bonuses Just Got Fatter

The FT’s Laura Noonan reports: “Thousands of London-based U.S. bank workers will get as much as 17 percent more cash in this year’s bonus rounds thanks to the Brexit-inspired surge in the dollar’s value relative to sterling. U.S. banks calculate bonuses for their global workforce in dollars and London workers are typically granted a dollar amount which is paid to them in sterling … The pound’s fall after the Brexit vote means a $1 million cash bonus is now worth £794,000 to a U.K. banker, 17 percent more than the £680,000 they would have received for their $1 million at the end of 2015.