LONDON: Britain’s banking sector on Wednesday scrapped billions of pounds in shareholder dividends and share buybacks after the Bank of England requested the move to boost liquidity and help cope with the coronavirus crisis.
“The PRA also expects banks not to pay any cash bonuses to senior staff, including all material risk takers, and is confident that bank boards are already considering and will take any appropriate further actions with regard to the accrual, payment and vesting of variable remuneration over coming months.”
The UK lenders have become the latest corporate giants to scrap dividends as big global businesses scramble to save cash and safeguard against worsening virus turmoil.
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