11/28/2009 05:12 am ET | Updated May 25, 2011

Annual Bank Bonuses To Be Banned In U.K.

British Treasury chief Alistair Darling said Monday that annual bonuses for bank executives will be outlawed in an attempt to curb excessive risk-taking in the country's huge financial sector.

Darling told the governing Labour Party's annual conference that new legislation to restrict how the payments are made will be introduced in Parliament within weeks.

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