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G20 leaders to call for banker pay curbs

• Reuters

"Europeans are horrified by banks, some reliant on taxpayers' money, once again paying exorbitant bonuses," said European Commission President Jose Manuel Durao Barroso in a statement preceding the official opening of the summit of the Group of 20 nations.


"In Pittsburgh, the EU will call for coordinated action to stop this, building on measures already taken in Europe and elsewhere," he said.


Before the global financial crisis that began last year, and in some cases right through it, a glaring disconnect between pay and performance was on display at many banks, including some rescued by massive taxpayer bailouts.


In addition, critics say the crisis was exacerbated by pay structures that rewarded short-term performance, which encouraged excessive risk-taking.

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