European plans to levy the world's toughest bonus restrictions on bankers drew condemnation in London as the industry warned it may backfire as firms (more)
European plans to levy the world's toughest bonus restrictions on bankers drew condemnation in London as the industry warned it may backfire as firms raise fixed pay instead.
The agreement of European Parliament lawmakers and government officials in Brussels yesterday to ban bonuses that are more than twice bankers' fixed pay starting Jan. 1, if ratified by European Union countries and the full Parliament, will be a blow to banks in the 27 member states, pay consultants and the U.K. government said.
The City, as the London district is known, is the world's No. 1 financial center, according to consulting firm Z/Yen Group Ltd., and is the European securities operations hub of firms including Deutsche Bank AG (DBK), UBS AG and Credit Suisse Group AG. (CSGN) It's also home to a financial-services industry where employment may fall to a 20-year low in 2013 and that has been plagued by scandals including interest-rate rigging and government bailouts of U.K. banks.
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