Under the terms of the new deal, which is subject to qualified majority voting, bankers' bonuses will be limited to a maximum of one year's base salary, or twice the salary if a large majority of shareholders agree.
It comes as part of a financial reform package, including the introduction of higher capital requirements for banks, intended to prevent a repeat of the financial crash of 2008.
More top news
Jeremy Corbyn has denied allegations of bullying saying "intimidation is not allowed" in the Labour party.
A gunman who killed nine people and at a Munich shopping centre was German-born and had no links with Islamic State, authorities say.
Torrential rain and flooding has killed 24 people in China and forced tens of thousands from their homes, according to state media.