Bonus Allowance Watch ‘14: Europe

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EU Internal Markets Commissioner Michel Barnier doesn’t care what you call them, and he doesn’t care if they’re technically legal. All he cares about is when you add up all the bonuses and allowances and gratuities and tips adult-entertainment vouchers, they stay below the line he has in mid.

In a letter addressed to Andrea Enria, the chairman of the European Banking Authority, the EU's banking supervisor, Internal Markets Commissioner Michel Barnier, said he was concerned about banks introducing so-called "allowances" for some staff and stressed the need to ensure that the law wasn't being disregarded….

"It is important to show a collective proactive stance on this important matter and to address claims made that the spirit—if not the letter—of Union law is being disregarded," he said.

EU Concerned Banks Are Ignoring Rules on Bonus Limits [WSJ]

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