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Eleven major foreign investment banks operating in London have agreed to implement G20 rules on remuneration, British Treasury Minister Paul Myners said on Wednesday.
"Yes, we had a meeting this afternoon with the 11 heads of the major investment banks based here in London and we secured very amicably and constructively (an) agreement with them," Myners told Reuters Television on the sidelines of a conference in London.
"They will fully enforce the G20 agreement on remuneration with effect from current year -- it is a major step forward," he added.
Myners said it represents recognition by banks that they should show restraint at a time when the financial industry is being supported by taxpayers and the government.
The deal follows an announcement last month that major UK banks would sign up to pay agreements made at the G20 meeting of developed and emerging economies in Pittsburgh last month.
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