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Banker Pay, Monte Paschi Bailout, Auto-ABS: Compliance

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.