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UK: Financial merger brings major stress on paychecks, employee morale

By  |  March 13, 2013

As the Bank of England officials are taking in more staff as the result of a merger with the Financial Services Authority, two sources have claimed that the consequences of such a deal have lead to diminished employee morale and paycheck clashes as significant pay differences remain between the two entities. According to reports, FSA department heads may earn up to nearly $300,000 a year, while the equivalent position at the BOE has a pay cap of about $236,000. About 1,300 employees from the FSA have now entered the bank in the authority’s efforts to overhaul banking regulation.

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