Summit misses crisis deadline as ‘brutal’ talks end in failure

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THE European Commission has indicated that it was considering imposing curbs on bankers’ pay and bonuses.

Michel Barnier, the commissioner responsible for financial services, said that remuneration had returned to unjustifiable levels.

“After a couple of years of calming down, (banks) have gone back to pre-crisis levels of distributing pay and bonuses which are just not justified,” he said.