For those bankers and other finance professionals looking to escape centrally dictated pay caps, cross Germany off the list of havens.
Bankers who take unjustifiable risks in business deals will be forced to repay their bonuses under new rules unveiled by German financial watchdog Bafin on Friday.
"Aggressive compensation systems, along with other factors, contributed to the financial crisis in that they set the wrong incentives," Bafin said in a statement on changes it is making to its Minimum Requirements for Risk Management standards.
We would wonder aloud who rules on what is "unjustified," but we suspect we already know the answer. Nothing exciting goes on in Germany anyway so... no big loss.
German watchdog takes aim at banker bonuses [Reuters]