A battle over banker bonuses is building in London.
The European Union has gone further than most, limiting bankers to bonuses equal to one or two times their salaries.
But the bank giants operating in London - including Goldman Sachs, Bank of America Merrill Lynch and Barclays - are seeking to outflank the new restrictions. Responding to the law, they are structuring new pay packages that try to satisfy both their emboldened regulators and their very expensive employees.
So goodbye, big bonus.
Hello, role-based pay.
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