Bankers' bonus cap to hit up to 10 times as many employees

PricewaterhouseCoopers has said the European Union (EU) is to significantly extend the reach of the bankers' bonus cap to include 10 times as many employees than previously expected. Officals from the European Banking Authority will this week cap financial sector pay at 0.5m euros, PwC has said.PcW partner, Jon Terry, said to Reuters: "This will create a major challenge for banks as to how they reward their staff."Bringing more people into the stringent pay rules again further widens the gap between pay practices in Europe and the rest of the world."The proposed cap will be published this week, before being put out to consultation. NR