Gordon Brown sets out new rules on bank bonuses

LONDON - British Prime Minister Gordon Brown set out new rules to end the ‘excesses’ of the bonus culture in an article on Wednesday, including being able to take bonuses back if success proves short-lived.

By (AFP)

Published: Wed 18 Feb 2009, 11:38 AM

Last updated: Sun 5 Apr 2015, 10:25 PM

‘We must also be clear that the old excesses, the one-way bets, have to be consigned to the past,’ he wrote in The Times newspaper.

‘No bank can return to the old days when an irresponsibly high fee from a short-term deal could be paid to staff in immediate cash bonuses with no consideration of its future impact on the bank's financial health.’

Brown was addressing growing anger about large banking bonuses among Britons struggling to cope with a recession that was rooted in the banking sector.

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