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Germany’s upper house approved a law making it easier for lenders such as Deutsche Bank and JPMorgan Chase & Co to fire top earners, adding flexibility for Frankfurt to lure financial companies unsettled by Brexit.
Lawmakers in the Bundesrat in Berlin, where the states are represented, voted Friday in favour of loosening German labour standards to allow the change.
The government says it’ll apply to a maximum of about 5,000 bankers, categorised as risk takers, who earn some €220,000 ($249,000) a year or more.
Chancellor Angela Merkel’s governing coalition backed the measure, arguing its needed to strengthen the stability of Germany’s finance sector and minimise the risks from individuals whose actions could cause fallout for their company.
Germany’s lower house passed the law on February 21.
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