EU cracks down on bankers’ bonuses

A new law has been approved in the EU. Starting in 2014, its bankers can’t be awarded bonuses worth more than their fixed salaries, reports Reuters.

However, senior bankers will still be allowed bonuses of up to twice their salaries upon shareholder approval. Read more on why the law was passed, as well as how it will work.

Read:

Brit bankers admit they’re overpaid

Wealthy bankers learning to pare expenses

Bankers’ salaries dropped 10% in 2012