EU leaders agree stance on bank bonus curbs

EUROPEAN Union leaders agreed yesterday on a common position to press for curbs on bonuses in the financial sector at the summit of G20 developed and emerging economies on September 24-25, EU diplomats said.

“The bonuses have been agreed in principle as in the draft conclusions but there was a clawback clause added,” one diplomat said.

Bonuses should link the amount of cash paid to long-term performance and the curb should be backed in each G20 country with the threat of sanctions, EU leaders agreed.