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Bankers renegotiating pay deals to avoid windfall tax on bonuses
The tax, expected to be charged at 60 per cent or above, will be levied either on banks before they make bonus payments or on individuals.

But firms are already looking at ways to minimise the impact of the scheme and have looked at a number of options including increasing bankers’ salaries in return for reducing the bonus element of their pay, beefing up benefits, such as paying school fees, and reclassifying a banker as a “consultant” thereby making him or her a self-employed businessman and escaping any banker tax.
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However, the overall pay and bonus pool for 2009 was still 31% up on last year. The pool for its Institutional Securities division - which makes up the bulk of its 5000-strong London workforce - increased 13% for the year to 31 December compared with the year before, with the lower percentage increase reflecting the impact of the supertax.

Group profits from continuing operations were $413 million in the fourth quarter, compared with a loss of $10.5 billion for the same quarter a year ago.

Bank of America, which employs 6000 London staff at its Merrill Lynch division, posted its third loss in the past five quarters after it bore the cost of repaying US bailouts and defaults on consumer loans.