Bank bonuses in the EU will be capped from 2015, as part of banking sector reforms backed by MEPs on Tuesday (16 April).
Deputies in Strasbourg backed a regulation capping the majority of bonuses at the same level as salary with an overwhelming 595 to 40 vote majority. Bonus payments up to twice the size of salary would require the majority approval of shareholders.
Following the vote, European Commission chief Jose Manuel Barroso said that the cap would "put an end to the culture...
Back our independent journalism by becoming a supporting member
Already a member? Login hereBenjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.
Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.