The French banks back bonus reforms
French banks have agreed to bring in a new system of
performance-related pay, following controversy over
the high levels of bonuses paid to traders.
France's banking federation said there would be penalties for those who lost money as well as
rewards for success.
The statement came after bank officials held talks in Paris with President Nicolas Sarkozy.
President Sarkozy asked the banks to report to him on their bonus policies amid pressure to curb excesses.
In April, G20 leaders pledged to apply tough new policies on compensation. Mr Sarkozy said after the meeting that he would continue to press for tougher controls on bankers' bonuses at the next G20 summit in the US city of Pittsburgh in September.
Will the other members follow suit……Will they hell as like!!!!