Germany's Cabinet approved a bill Tuesday that would limit bankers' pay and bonuses in line with recommendations made by the Group of 20 industrialized and developing nations.

The Finance Ministry said in a statement that the bill proposes changes in laws on oversight of financial and insurance companies that would take effect by October.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.