Foreign news: UK bank CEOs pay packs drop
The average CEO of a financial institution in the UK is finding life a bit more egalitarian in a post-GFC world. A review of executive pay packages among FTSE 100 financial services companies shows that in 2016 the average pay was a touch under £4 million, and was on average 68 times the pay of an average employee. In relative terms that placed the sector in the lower half of its peers, as the average pay ratio across FTSE 100 firms is 129:1. Financial services represents a large proportion of companies in the FTSE 100, with 23 companies falling into this sector, and the report written by staff from the Chartered Institute of Personnel and Development and the High Pay Centre notes that the lower ratio for financial sector CEOs is due to the relatively high average staff pay in the sector.