March 1st, 2013
04:53 AM GMT
(CNN) – The European Union has pushed through legislation that caps banker bonus at two times a banker’s salary, which has drawn an angry reaction from the city of London Mayor Boris Johnson, who calls the cap will help Wall Street and Singapore, drawing financial talent away from the City. "This is possibly the most deluded measure to come from Europe since Diocletian tried to fix the price of groceries across the Roman empire," Johnson said.
CNN’s Richard Quest explains the ramifications of the move.