NEW YEAR’S DAY 2011 might be seen as the moment when the music stopped for the UK’s bank bonus culture. As a consequence everything also changed for the financial services recruitment business. January 1 was when the new Financial Services Authority Remuneration Code came into effect. It aims to severely limit banks’ ability to pay big bonuses. One of its effects will be to change the way that financial services headhunters conduct their business in London and in continental Europe.
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