find the latest legal job
Monash University Director Workplace Relations
Category: Industrial Relations and Employment Law | Location: All Melbourne VIC
· Exceptional senior leadership role
View details
Personal Injury Lawyer - Melbourne Eastern Suburbs - 2-5 years PAE
Category: Personal Injury Law | Location: Lilydale VIC 3140
· Fulfilling role as part of a small team in a positive workplace
View details
Legal Counsel
Category: Banking and Finance Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· In-house opportunity · Be part of our engine for success in a high growth business
View details
Trainer/Assessor Diploma of Legal Services
Category: Other | Location: Liverpool NSW 2170
· 3 Days Per Week · 9am - 4pm
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Adelaide CBD · Join a leading Adelaide commercial law firm
View details
France urges world to follow banking bonus curbs

France urges world to follow banking bonus curbs

French President Nicolas Sarkozy has declared his country is setting a global example for cleaning up the banking system by introducing new rules limiting traders' bonuses.Sarkozy has challenged…

French President Nicolas Sarkozy has declared his country is setting a global example for cleaning up the banking system by introducing new rules limiting traders' bonuses.

Sarkozy has challenged other G20 nations to follow France's lead by placing tougher controls on traders, with bonuses linked to performance and financial rewards removed if there was failure to deliver, reports The Guardian.

"From now on the trader must wait three years to cash in on all of their bonus and if in the following two years their activity loses money, will not have his bonus," Sarkozy said.

"We will not work with banks that do not apply these rules."

The French banking union has agreed to implement the new rules with immediate effect. Sarkozy said compliance with the new rules would be monitored closely, and that banks would attract serious penalties for failure to comply, including being barred access to state activities such as privatisations.

Chief executive of BNP Paribas Baudouin Prot, whose bank has previously set aside bonus packages of €1bn ($1.7bn) for its highest paid executives, said the regulations were necessary but would only work if adopted globally.

"The difficulty is that this regulation cannot only be put in place in one single country," he said.

"It is naturally indispensable that such good practices be applied in all countries. It's a way of reducing the risks of new excesses and a new crisis."

Promoted content
Recommended by Spike Native Network