Bankers in Europe face a cap on bonuses as early as next year, following agreement in Brussels to introduce strict new curbs, in a move politicians hope will address public anger at financial sector greed.

The agreement, announced by diplomats and officials after late-night talks on Wednesday between EU country representatives and the bloc's parliament, mean bankers face an automatic cap on bonus payouts at the level of their salary, or two-times pay if a majority of shareholders vote in favour.

But it represents a setback for the British government, which had long argued against such absolute limits. The City of London, the region's financial capital with 144,000 banking staff and many more in related jobs, will be hit hardest.

Ominous number in the 3rd paragraph, 144,000 bankers, makes ya wonder :/