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Foreign banks sign up to bonus rules

LONDON&rsquo;S foreign investment banks yesterday signed up to an agreement to commit to guidelines on pay laid out by the Financial Services Authority and the G20 in a meeting with City minister Lord Myners.<br /><br />The 11 foreign banks will adopt&nbsp; guidelines including deferred bonuses, a higher percentage of payouts paid in shares and clawbacks to recoup bonuses paid on investments that turn sour.<br /><br />Goldman Sachs, Citigroup, JP Morgan, Bank of America Merrill Lynch, Morgan Stanley, UBS and Nomura all agreed to abide by FSA rules beginning on 1 January 2010.<br /><br />France&rsquo;s BNP Paribas and Societe Generale, plus Germany&rsquo;s Deutsche Bank, will comply with the G20 curbs and adopt the FSA&rsquo;s rules voluntarily.