According to an April 1, 2013 article in Financial Times, “the UK’s opposition to the new EU-wide cap on bankers’ bonuses was swept aside in an otherwise unanimous vote in favour of the new rules. The EU-wide cap, effective next year, will restrict bonuses to the same level as salary, or at twice that level with explicit shareholder approval”.
And it’s not just bankers, according to a March 24, 2013 article in the Financial Times, “Sven Giegold, the German Green party MEP spearheading the legislation, is believed to want to extend the proposed bonus caps to hedge funds, and other vehicles such as private equity funds, covered by the EU’s Alternative Investment Fund Managers Directive.”
Oh dear, such dire circumstances for the EU bankers (the majority of whom are in London). Will this harsh punishment turn EU bankers in the next Oliver Twists begging their strict regulators for just one more bowl of gruel (or a richer pay package)? Well, probably not.
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