EU agrees to cap bankers’ bonuses
2013 02 28

By John O’Donnell and Claire Davenport | Reuters.com

A new cap on bankers’ bonuses agreed overnight in Brussels was hailed by its supporters as a breakthrough to rein in the financial sector, but dismissed by critics as a reckless move that would drive bankers abroad or force up their base pay.

Bankers in Europe could be barred from receiving bonuses equal to more than their base salaries as soon as next year, following agreement in Brussels on Thursday. Shareholders would be allowed to vote to raise the cap to double base pay, but no higher.

The cap has been somewhat softened by allowing banks to discount future values of shares, options, bonds or other non-cash payments paid out over a number of years, but nevertheless amounts to the toughest limit of its kind in the world.

The rules would apply to Europe-based employees of any bank, as well as to staff of European banks wherever they are based. That means a Deutsche Bank employee working in New York or Tokyo would be subject to the limits, as would a Goldman Sachs banker posted to London, although that provision may later be reviewed.

"There will be no exceptions," said Othmar Karas, the Austrian lawmaker who helped negotiate the deal. "It goes for all banks inside and outside the European Union and for all foreign banks inside the European Union."

[...]

Read the full article at: reuters.com



Related Articles
All Wars are Bankers’ Wars
Anonymous posts personal data of 4,000 US bankers online
CNBC Admits We’re All Slaves To Rothschild Central Bankers Global Government
More Icelandic bankers arrested
Iceland’s Höršur Torfason – How to Beat the Banksters
God’s Banksters: Vatican Bank Raided In Money Laundering Investigation


Latest News from our Front Page

Israel’s Military Censors Demand ’Prior Review’ of NYT’s Gaza Reporting
2014 08 01
Following its reporting of the latest events in the Gaza Strip on Friday, including available details about an IDF soldier captured by Hamas soldiers early in the day, the New York Times was contacted by Israel’s military censor and told that future reporting related to the capture would need to be run through its office before publication. The Times updated their ...
Wrong time, altered images: Moscow slams Kiev’s MH17 satellite data
2014 08 01
Satellite images Kiev published as ‘proof’ it didn’t deploy anti-aircraft batteries around the MH17 crash site carry altered time-stamps and are from days after the MH17 tragedy, the Russian Defense Ministry has revealed. The images, which Kiev claims were taken by its satellites at the same time as those taken by Russian satellites, are neither Ukrainian nor authentic, according to Moscow’s ...
World’s First Man-Made Leaves Breathe Oxygen
2014 08 01
A graduate student in innovation design engineering at the UK’s Royal College of Art has created a synthetic leaf that mimics the functions of its real counterpart. "I have the first photosynthetic material that is working and breathing as a leaf does," said Julian Melchiorri. The synthetic leaf uses photosynthesis to produce oxygen, by absorbing light, water and carbon dioxide. The artificial ...
The £11 billion Government plan to put ’Smart meters’ in every British home
2014 08 01
The UK government plans to put smart meters into British homes, and the costs of this program will naturally be passed on to reluctant customers. Critics of the plan suggest that this would make homes and the national grid vulnerable to terrorists, but as it’s been confirmed that government agents are most often involved in terror plots, it’s not the ...
Race to be scrapped from Swedish legislation
2014 08 01
The Swedish government announced that it plans to remove all mentions of race from Swedish legislation, saying that race is a social construct which should not be encouraged in law. "We know that different human races actually do not exist," Swedish Integration Minister Erik Ullenhag told Sveriges Television (SVT). "We also know that the fundamental grounds of racism are ...
More News »