Banks agree curb on bonuses
Updated on 30 September 2009
Britain's five big banks have agreed to new rules controlling the way they pay multi-million-pound bonuses to their top traders.
In a deal unveiled tonight by the Treasury, the banks will defer the majority of any bonus payment over three years - and big payouts will be clawed back if investment deals turn sour.
The government has come under pressure to act, as it looked increasingly likely that big bonuses would be paid out in the City this Christmas.
