The UK's five largest banks agreed to tighter controls on bonuses that were laid out by the G-20, after gaining assurance from the government that foreign competitors would be subject to the same rules.

Following weeks of discussions with the country's largest banks, the UK's treasury announced Wednesday that Barclays, HSBC, Lloyds Banking Group, the Royal Bank of Scotland Group and Standard Chartered would comply with measures such as bonus clawbacks following poor performance and greater disclosures about the salaries of banks' top earners.