A parliamentary commission in France's Senate voted today to broaden a tax on bank trader bonuses, saying the levy should also be applied to all bank executives.
"The tax will extend throughout the chain of hierarchy, from the trader up to the chief executive," said Philippe Marini, the head of the French Senate's finance commission.
The full Senate has not yet voted on the full package and could strike down this amendment, although the initiative is likely to garner wide support in France.
France decided to impose a one-off 50 per cent tax on traders' bonuses earlier this year, echoing a similar move in Britain following public anger over the pay deals of bankers whom many blame for the financial crisis.
The French tax applies to bonuses of above €27,500.
Reuters