Something drastic needs to happen to change the current culture within this industry. This may not be enough though it's a decent start. As the world economy starts to falter again, it would be nice to see those in power start thinking more about how to deliver actual change instead of cosmetic change to an industry that continues to cause more problem than benefit. It's about time the bankers thought more about the society that rescued them instead of their precious bonuses that have barely been scratched.
Bankers in Europe will not be allowed to take home more than a third of their bonuses in cash from the start of next year, under planned new rules, a leading EU lawmaker told Reuters on Tuesday.
The new regime, which goes further than American rules agreed on last week, would be the first cap on how bankers are paid and a victory for EU lawmakers who have otherwise become bogged down in efforts to regulate banking.
"The bankers have shown that despite the crisis, they are not able to show self-restraint. This law will do it for them," said Arlene McCarthy, the Labour-party lawmaker who negotiated tougher rules on behalf of parliament with European countries.
