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This, regulators say, makes it harder for banks to cut costs and absorb losses in a downturn. But many bankers are expected to resist swapping guaranteed pay for potentially higher bonuses, which can swing wildly across economic cycles. UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to. Others warned against overplaying the significance of bonuses in Britain's battle to grow its financial sector, still reeling from the loss of big-ticket listings, such as Arm Holdings. "Compensation is a small point in the grand scheme of things of a vibrant financial sector.
Persons: Toby Melville, Luke Hildyard, there'll, Suzanne Horne, Paul Hastings, Horne, Simon Patterson, Edelmann, Oliver Wyman, Sinead Cruise, Huw Jones, Tomasz Janowski Organizations: City of, Regulators, European Union, Bank of England, Financial, Bankers, Reuters, European Banking Authority, International Employment, Britain, EU, Finance, Arm Holdings, Thomson Locations: City, City of London, Britain, Banks, European, New York, Singapore, EU, Paris, Frankfurt, United States, Japan, Switzerland, London, Europe
Here's how at-will employment works, why it's the de-facto system in America, and how other countries handle their workforce. 'You can be fired for any reason or no reason at all'Loosely defined, at-will employment "means that you can be fired for any reason or no reason at all," says Najah Farley, senior staff attorney at the National Employment Law Project. 'Your boss can't be flirting with you and then fire you'There are several exceptions under which employees can't be fired. Union membership: Many workers who are part of a union are also an exception to the at-will employment system. At-will employment is uncommon around the worldMost countries in the world do not have an at-will employment system.
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