Germany Passes Brexit Law to Make It Easier to Fire Top Bankers
(Bloomberg) -- Germany’s upper house approved a law making it easier for lenders such as Deutsche Bank AG and JPMorgan Chase & Co. to fire top earners, adding flexibility for Frankfurt to lure financial companies unsettled by Brexit.
Lawmakers in the Bundesrat in Berlin, where the states are represented, voted Friday in favor of loosening German labor standards to allow the change. The government says it’ll apply to a maximum of about 5,000 bankers, categorized as “risk takers,” who earn some 220,000 euros ($249,000) a year or more.
Chancellor Angela Merkel’s governing coalition backed the measure, arguing it’s needed to strengthen the stability of Germany’s finance sector and “minimize the risks” from individuals whose actions could cause fallout for their company.
Germany’s lower house passed the law on Feb. 21.
©2019 Bloomberg L.P.