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March 6, 2013

Europe Holds Firm on Bank Pay Rule

The U.K. found no allies in its opposition to strict caps on bankers’ bonuses in the European Union, leaving lenders with little hope that the new rules will be changed significantly before they are formally adopted.

At a meeting Tuesday, finance chiefs for 26 of the 27 EU nations made it clear they back a preliminary deal that prevents banks from promising bonuses that exceed fixed salary. Bonuses could rise to twice a banker’s fixed salary, but only with explicit shareholder approval, according to a compromise reached last week.

Only U.K. Chancellor of the Exchequer George Osborne opposed the measures. The caps would apply to European banks’ operations around the world, as well as to foreign banks’ offshoots in the EU.”


Read full Wall Street Journal article here

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