Banks buy out bonuses to fill seats in new year markets buzz

So keen are some mid-tier banks to get the right staff that they are offering to buy out bonuses of prospective employees, in order to encourage them to move before bonus payout time from their previous employers.

German banks Dresdner Kleinwort Wasserstein, Commerzbank and WestLB are among those that recruiters in London said are doing so, although spokespeople at the banks declined to comment.

Other banks are offering guaranteed bonuses for performance throughout 2004, in an additional attempt

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