BANKERS SAY YES TO CURB ON BONUSES; Big Five sign up to G20 deal.

Byline: Gavin Gordon

BRITAIN'S five biggest banks have agreed to curb massive bonuses for bosses.

The five - HSBC, Barclays, Lloyds, RBS, and Standard Chartered - will follow new rules thrashed out at the G20 summit in Pittsburgh last week.

The agreement means up to 60 per cent of bonus cash will be deferred over three years.

And any bank worker who fails to perform will be stripped of the money.

In a joint statement, the banks said: "We welcome the G20 remuneration reforms, as it is essential banking reward is consistent with effective risk management and that there is parity nationally and internationally on these issues."

Chancellor Alistair Darling said he expected other financial institutions to follow their lead.

He added: "It is vital our financial services industry remains at the forefront of the industry globally and takes a responsible and long-term approach to remuneration."

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VITAL: Darling