Dear Star Banker,
Please find enclosed details of your new employment contract effective January 2014. Read it carefully and return one signed copy to Human Resources as soon as possible. We apologise that new EU banking regulation has required this change, but can assure you that there will be no material difference in economic terms between your old and new contracts. A summary of your contract is outlined below.
Your fixed, cash salary will be increased from €500,000 to €10m per year, roughly in line with your average total compensation for the past five years, to be paid monthly into an escrow account. By signing your contract you agree that from this escrow account a monthly net payment equivalent to €500k per year will be paid into your personal bank account.