Financial Regulatory Forum

EU leaders at G20 to seek bonus curbs, retained stimulus

Romania's President Traian Basescu (L) is welcomed by Sweden 's Prime Minister Fredrik Reinfeldt  at an informal summit of European Union heads of state and government in Brussels September 17, 2009. EU leaders met to coordinate the EU's position ahead of the G20 Summit in Pittsburgh.   REUTERS/Yves Herman By Darren Ennis and Jan Strupczewski
BRUSSELS, Sept 17 (Reuters) – European Union leaders agreed on Thursday to seek curbs on bankers’ bonuses at next week’s G20 summit and said they wanted evidence the recession is over before they stop spending to prop up their economies.

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Sarkozy says G20 bonus deal possible without caps

French President Nicolas Sarkozy speaks during a news conference at Alvorada Palace in Brasilia September 7, 2009.  REUTERS/Bruno Domingos (BRAZIL POLITICS)    BRUSSELS, Sept 17 (Reuters) – France is ready to accept a G20 agreement on bonuses that does not include caps as long as other measures to curb bonuses are adopted, President Nicolas Sarkozy said on Thursday. (more…)

France’s Lagarde says solid bonus limits needed

French Economy Minister Christine Lagarde speaks during a news conference in Riyadh, May 10, 2009. REUTERS/Fahad Shadeed  (SAUDI ARABIA POLITICS)    PARIS, Sept 17 (Reuters) – France will not push for specific caps on bankers’ bonuses at next week’s meeting of leaders of the Group of 20 nations but wants clear restrictions, Economy Minister Christine Lagarde said in an interview on Thursday. (more…)

Sarkozy threatens G20 walkout if no bonus deal-paper

BRAZIL/    PARIS, Sept 14 (Reuters) – French President Nicolas Sarkozy has threatened to walk out of the summit of Group of 20 leaders in Pittsburgh next week if there is no agreement on bank bonuses, daily Le Figaro reported on Monday. (more…)

EU to review bonuses at state-aided banks – competition regulator

European Commissioner for Competition Neelie Kroes speaks during a news conference at the European Commission headquarters in Brussels July 8,2009. BRUSSELS, Sept 11 (Reuters) – European Union competition regulators are set to take a closer look at bonuses at state-aided banks, the EU’s antitrust chief said on Friday.
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Lloyds’ chair elect backs clawbacks in banker pay

LLOYDS/    By Huw Jones
   LONDON, Sept 10 (Reuters) – Clawbacks would help tackle public concern over bank bonuses, as would deferring parts of a pay package, said Win Bischoff, incoming chairman of Britain’s Lloyds Banking Group <LLOY.L>. (more…)

New Dutch banking code to take effect Jan. 1

nvb    AMSTERDAM, Sept 9 (Reuters) – The Netherlands Bankers’ Association has agreed a voluntary code of conduct that will limit the level of bonuses and strengthen corporate governance from Jan 1.  (more…)

Wall St bonuses spark outrage on Main Street USA

main-street-wwwreuterscom By Steve Eder and Ed Stoddard
NEW YORK/EULESS, Texas, Sept 8 (Reuters) – All you have to do to feel the outrage over the continuing flow of bonuses on Wall Street is to take a walk down Main Street.

Reuters reporters spoke to people in half a dozen towns and cities across the country at the end of last week — and while the survey was far from scientific, it left no doubt many people are upset bankers are still pulling in big bonuses while many people struggle to make ends meet.

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G20 aims at bank pay and capital; stimulus to stay

By Sumeet Desai and Louise Egan

LONDON (Reuters) – G20 finance leaders on Saturday took aim at excessive bank pay and risk-taking at the root of the financial crisis and insisted trillions of dollars of emergency economic supports would be needed for some time.

Although the global economy looks brighter than when the Group of 20 finance ministers and central bankers met in April, their closing statement said they would not remove economic stimulus until the recovery was well entrenched.

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Lagarde says France could legislate on bonuses

G20/     LONDON, Sept 4 (Reuters) – France would be prepared to turn its recently proposed new rules on bonuses into legislation, Economy Minister Christine Lagarde said on Friday. (more…)

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