EU to Bolster World’s Toughest Banker Pay Rules in Basel Law
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Bankers in the European Union, who already have the toughest bonus curbs in the Group of 20 nations, may face even stricter pay limits under a draft deal to bolster lenders’ capital requirements and rewrite the bloc’s financial industry rulebook.
European Parliament lawmakers and national government officials agreed to ban bonuses that are more than twice bankers’ fixed pay, in a tentative deal that may end more than 18 months of wrangling over how the EU will apply global bank rules drawn up by the Basel Committee on Banking Supervision.