That’s a Start: Germany’s “Brexit Law” Makes It Easier for Banks to Fire Top Brass

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via bnnbloomberg:

 

(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.

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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.

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