French banks back bonus reforms
27 August 2009
President Sarkozy asked the banks to report to him on their bonus policies amid pressure to curb excesses.
French banks have agreed to bring in a new system of performance-related pay, following controversy over the high levels of bonuses paid to traders.
France's banking federation said there would be penalties for those who lost money as well as rewards for success. The statement came after bank officials held talks in Paris with President Nicolas Sarkozy. President Sarkozy asked the banks to report to him on their bonus policies amid pressure to curb excesses.
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