European Union lawmakers agree to cap bankers' bonuses

BRUSSELS, March 20 Wed Mar 20, 2013 5:53pm EDT

BRUSSELS, March 20 (Reuters) - European Union lawmakers agreed to bar bankers in Europe from getting bonuses bigger than their salaries, EU officials said on Wednesday.

"A deal is done," said one official who attended the negotiations.

The rules, part of a wider reform of capital regulation for banks, would limit banker bonuses to the equivalent of their salary, or two times their salary if shareholders agree. They represent the toughest bonus regime anywhere in the world.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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