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Banker Bonuses Seen Capped at Twice Salary in EU Compromise

European Union officials reached a tentative deal with lawmakers to ban banker bonuses that are more than double annual salaries.

Negotiators from the European Parliament and Cyprus, which holds the rotating presidency of the EU, brokered the draft agreement during a meeting today, said Sharon Bowles, chairwoman of the assembly’s economic and monetary affairs committee. The deal is contingent on compromises being confirmed on some other parts of an EU law on bank capital.