European Union officials have agreed a provisional deal to cap bankers' bonuses, despite the UK Government's efforts to protect the country's dominant financial services sector.
The plan would see the maximum payout set at a year's salary but that could be increased to two year's salary with shareholder approval.
The Treasury opposed the idea because it feared that limits could cost jobs in the City and prompt firms to leave for more favourable shores.
The measures are part of a sweeping overhaul of EU banking rules, which are designed to ensure that banks in the future have enough capital to withstand financial shocks.
Wednesday night's agreement, reached during an eight-hour session between EU lawmakers, the EU Commission and representatives of the bloc's 27 governments in Brussels, ensures the package can take effect next year.
Currently there is no legal pay limit on top bankers and traders, who can earn performance bonuses many times their base salaries.
But public outrage has grown across Europe over large payments to executives of banks that received huge state bailouts during the financial crisis.
Supporters of the bonus cap say the payments encouraged bankers to take massive risks at the expense of the long-term future of their businesses, which helped to destabilise the financial system.
Othmar Karas, the European Parliament's chief negotiator, said: "For the first time in the history of EU financial market regulation, we will cap bankers' bonuses.
"The essence is that from 2014, European banks will have to set aside more money to be more stable and concentrate on their core business, namely financing the real economy, that of small and medium-sized enterprises and jobs."
Final approval by parliament and government leaders of the package is expected to be a formality.
Britain had tried to rally other EU governments behind its position but failed to garner enough support.
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