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President Nicolas Sarkozy of France imposed tough curbs on bank bonuses. He ruled that brokers and traders defer their bonuses over three years and be paid only on performance.
Later this month, the G20 nations meet in Pittsburgh. Sarkozy wants his proposal for bank bonuses on the agenda. France wants three options debated:
- A maximum ratio of a bank's gross operating income to be earmarked for variable pay.
- A special tax on the financial sector whose revenues could be channeled into national schemes for insuring retail bank deposits.
- A straightforward limit to bonuses in terms of value.
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