Few issues rile the public, and politicians, as much as bankers' pay, for obvious reasons. Investment banking is an industry that in the past seems to have been run mainly for the benefit of its employees rather than its shareholders or its customers. This is changing. New rules in Europe will limit the size of banks' bonuses relative to pay, reflecting a social consensus that bankers' rewards in recent years have been far bigger than justified. Grumpy shareholders are also exerting a downward push on pay as banks are forced to concentrate on profit rather than revenue.
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