How London banks find ways round Europe's bonus laws

Banking executives argue that bonus caps are ineffective and potentially damaging

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BANKS in London are sidestepping European bonus laws by using new terminology such as "allowances" and "reviewable salary" for one-off payments to employees.

Since the global financial crisis in 2007, regulators around the world have tried to curb excessive risk-taking by reigning in banker bonuses, the New York Times reports.

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