European executive pay has come under attack for the second time in less than a week after Swiss voters overwhelmingly backed curbs on corporate wages that snatch the power away from company boards.
The move follows European-wide steps on Thursday to address top management pay, a lightening rod for global public anger since the financial crisis.
EU proposals to cap bankers’ bonuses at twice their salary have stunned the City of London, with senior bankers warning that the limit will drive top staff to Asia or New York and eventually prompt a shift in operations from London. “This will have consequences,” said one high-ranking executive at a leading bank in London.
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