Banks Sidestepping Bonus Limits Face Regulatory Crackdown

Banks in the European Union that attempt to evade new bonus rules face a “coordinated policy response” from the bloc’s regulators.

Michel Barnier, the EU’s financial-services chief, called for action on the “politically very important matter” of lenders that have turned to so-called allowances to get around an EU ban on bonuses worth more than twice fixed pay.