Banker Bonuses Seen Capped at Twice Salary

Goldman Bonus Protest

Chance would be a fine thing.

Bloomberg reports that European Union officials have reached a tentative deal with lawmakers to ban banker bonuses that are more than double annual salaries.

Negotiators from the European Parliament and Cyprus, which holds the rotating presidency of the EU, brokered the draft agreement during a meeting today, said Sharon Bowles, chairwoman of the assembly’s economic and monetary affairs committee. The deal is contingent on compromises being reached on some other parts of an EU law on bank capital.

The accord would cap a banker’s bonus at the same level as their fixed salary, while giving room for larger awards with shareholder approval, Bowles said in an e-mail after the meeting in Strasbourg, France. A maximum limit would be set forbidding awards of more than twice fixed pay.

Hit the link below to access the complete Bloomberg article:

Banker Bonuses Seen Capped at Twice Salary in EU Compromise

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