Category Archives: Executive pay and bonuses

Banking culture needs fundamental overhaul not fines, Mark Carney says

Bank of England governor’s proposals to curb excessive risk-taking include putting non-bonuses or fixed pay on the line

Mark Carney has warned bankers they should lose more of their pay in cases of wrongdoing – in addition to forfeiting bonuses – after a series of fines for bad conduct have failed to improve standards across the scandal-hit industry.

The Bank of England governor signalled a radical overhaul of the way bankers are paid as he told an audience in Singapore that repeated fines for scandals, such as manipulating Libor and last week’s £2.6bn penalties for rigging foreign exchange rates, were not enough to change behaviour.

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