1 Minute Read by Reuters Staff (Reuters) – LONDON, July 13 (Reuters) – On Tuesday, the Bank of England said it had no plans to amend its guidance for banks on how much they can pay their employees in bonuses, but a top official said it was critical to return to a “more normal setting” for bankers’ compensation. “Given the critical role that banks will play in supporting the recovery, we expect bank boards to be appropriately careful in distributions they make both to their shareholders and to their employees,” Deputy Governor Sam Woods said at a news conference. “So that’s the message we’re sending to the financial institutions. However, we believe it is critical to return to a more normal context for institutions “In normal circumstances, he added, rules allow for bonus deferral and clawbacks, but that decisions are left to bank boards. Following the United Kingdom’s exit from the European Union, there were hopes that the bloc’s laws restricting payouts would be eased. (Huw Jones and David Milliken contributed reporting.) William Schomberg is the author of this piece. )/n
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