Date: 5th October 2016
Author:
Type: In the news
John McFarlane, chairman of Barclays, holds that eliminating bonuses for investment bankers could remove “temptation to cut corners”.
At the British Banker’s Association Annual conference, McFarlane explained that the flaws of bonuses were exposed during the financial crisis and the main problem was that most of the returns in banks went to employees and not to shareholders. He also noted that the bonus model imported from the US seemed to suit American banks better.
Tackling the bonus culture would be difficult for a lone bank says the Barclays chairman, as he calls for an industry wide solution.
Read the full article here.