Bloomberg News reports that lower-house lawmakers in Berlin voted Thursday in favor of loosening German labor standards to allow the change. The government says it’ll apply to a maximum of about 5,000 bankers, categorized as “risk takers,” who earn some 220,000 euros ($249,000) a year or more.
Chancellor Angela Merkel’s governing coalition backed the measure, arguing it’s needed to strengthen the stability of Germany’s finance sector and “minimize the risks” from individuals whose actions could cause fallout for their company.
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