Bonuses paid to top bankers could be clawed back for up to ten years under new rules imposed by the Bank of England, which said that the reforms would make managers more accountable for their actions.
Senior City staff could have bonuses partially or wholly withdrawn for a maximum of seven years and extended to a decade if the financial authorities launch an investigation into an executive over his or her role at their bank.
More punishing could be regulations governing buyout clauses in which bankers are compensated for share awards they are forced to give up when they resign from one bank to join another. Under the new code, these payments would have to be held in an escrow account, allowing their former employer