If you are a banker in Europe who makes less than 1 million euros and also aren’t in a position to burn the place down.
Bankers in the European Union got an early Christmas present as the bloc’s top banking regulator proposed a way to avoid the world’s toughest bonus caps. Banks will be able to ask national regulators to exempt staff earning as much as 1 million euros ($1.4 million) from rules that cap bonuses at twice their salary, the European Banking Authority said today. When a banker earns more than 1 million euros, the EBA would have to approve any waiver. Senior managers aren’t eligible for the exemption. Banks must show that any excluded staff “have indeed no material impact on the institution’s risk profile,” the EBA said in the policy document today. The rules need approval from the European Parliament, European Commission and EU member states before they become law across the 28-nation bloc.