By Joshua Chaffin in Brussels
This article was first published on March 20 2013
New EU rules to limit bank bonuses were given a final seal of approval on Wednesday night by member states and the European parliament with only minor tweaks to appease the UK, home to the bloc’s biggest financial industry.
Negotiators kept in place the centrepiece of the new rules: a limit on bank bonuses of no more than the amount of the employee’s salary. The one-to-one ratio can be doubled with the approval of a supermajority of shareholders.
In one small concession, they confirmed that the rules would not be applied until January 2014. That means that they will not hit bonus cheques until early in the following year, giving the City ...