1 Jul 2010

Banker bonus limits agreed by EU

4:39 pm on 1 July 2010

The European Union has agreed a deal preventing bankers in Europe from getting more than 30% of their bonuses immediately and in cash.

The remaining bonus payments will be delayed and linked to long-term performance, with half paid in shares.

Large severance packages for departing executives will also be limited.

The new regime does not limit the size of bonuses that can be paid.

The EU's plans are the latest sign of a tightening of global regulation of the financial industry since the financial crisis in 2008, the BBC reports.