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EU leaders agree deal on banking bonuses

European Union leaders have today agreed the outlines of a new initiative which will see the EU look to agree deals with various European banks that would see bonuses clawed back if banks fail to hit their profit forecasts. This new initiative, ahead of the G20 summit, is an interesting alternative to the ones put forward so far by the UK and US administration. Whether or not it will be accepted by the European banking institutions remains to be seen but it does seem to be slightly fairer than those put forward so far.

Despite the fact it is proving very difficult to introduce small print into various banking contracts, the EU, the UK and US authorities seem adamant that banks will not be able to pay massive remuneration packages if they are not "delivering the goods". While there has been no direct response from banking associations within Europe and around the world, it will be interesting to see exactly what they think of this new initiative. By hook or by crook it seems that banking bonuses and banking remuneration packages will at some stage fall under the regulatory hammer although how this will pan out in practice remains to be seen.

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