• Bank’s deferral of bonuses after UK income tax rate is lowered is ‘a bit depressing’ … ( Goldman’s recently paid bonuses to their US staff on 31 Dec just hours before congress voted to hike tax for people earning over $400k a year, and are planning just the same for their UK crew, by deferring till after the tax lowering comes into effect in the UK)
• Would be ‘rather clumsy’ to save tax on bonuses, financial institutions rely on public goodwill
• UK is suffering from inadequate recapitalization of its banks