Earlier UK Chancellor George Osborne had addressed a meeting of EU Finance Ministers to explain his position not supporting a cap on bank bonuses. London is a beneficiary of hosting one of the premier financial centers around the world and with talk of curbing bonuses the fear is that financial institutions would move elsewhere.
It now looks like Osborne stands along as all EU Fin Ministers have backed the measure that will cap bonuses at 100% of annual salaries or up to 200% with board approval.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.