UK Government Says International Banks Agree On Tougher Bonus Rules
15 October 2009 - 2:50AM
Dow Jones News
The U.K. government Wednesday said 11 international banks have
agreed to implement early new remuneration rules set by the U.K.'s
financial regulator.
Under the agreement, the banks will apply the new rules on
bonuses paid out based on their performances in 2009.
The banks are Citigroup Inc. (C) and Goldman Sachs Group Inc.
(GS), JPMorgan Chase & Co. (JPM), Deutsche Bank AG (DB), Nomura
Holdings Inc. (NMR), UBS AG (UBS), Morgan Stanley (MS), Bank of
America-Merrill Lynch (BAC), BNP Paribas SA (BNP.FR), Credit Suisse
Group AG (CS) and Societe Generale SA (GLE.FR).
U.K.'s five largest banks: Barclays PLC (BCS), Standard
Chartered PLC (STAN.LN), Lloyds Banking Group PLC (LYG), Royal Bank
of Scotland Group PLC (RBS) and HSBC Holdings PLC (HBC) last month
agreed to the same rules.
-By Patricia Kowsmann, Dow Jones Newswires. Tel
+44(0)207-842-9295, patricia.kowsmann@dowjones.com
(Laurence Norman contributed to this item.)