UK bankers face EU bonus cap - papers

City bankers are set to face much tougher rules on how much they can be paid from 2011, under rules being discussed by Europe's top regulator, the Telegraph reports.

The two-day gathering of the Committee of European Banking Supervisors (CEBS) is expected to lead to the publication within days of new guidelines on payment for financial sector workers. The controls are thought to include upfront bonuses limited to maximum of 30% in cash, a cap limiting bonuses to a multiple of salary, and a deferment of 40% of bonuses over several years. If confirmed the proposals would be the most dramatic clampdown on banking sector pay yet. Read more...