Jailing bankers for market manipulation or clawing back pay and bonuses will not be enough to curb future misbehaviour or restore public trust in the financial system, the Governor of the Bank of England has said.
Despite a new crackdown on reckless bankers, Mark Carney said fundamental flaws in the industry could only be resolved by changing how markets operate.
“Merely prosecuting the guilty to the full extent of the law will not be sufficient to address the issues raised,” Mr […]
BoE Governor says regulators will begin consulting within weeks on tougher claw-back rules for bankers’ bonuses
Regulators will begin consulting this month on plans to introduce new rules that would force banks to claw back pay from staff in the event of future problems even if the bonus had already been awarded to them, according to Mark Carney, the Governor of the Bank of England.
In a letter to MPs, Mr Carney said the Prudential Regulation Authority (PRA), the supervisor of […]
MEP calls on European commission to take UK to court for allowing banks to ‘blatantly’ sidestep EU rules limiting bonuses
One of the architects of the EU’s cap on bankers’ bonuses has called for the UK government to be sued for allowing banks to sidestep the new rules as two more high street banks were preparing to hand their bosses up to £1m in extra pay to avoid the clampdown.
Philippe Lamberts, the Belgian Green MEP who helped devise the restrictions, […]
Union expresses shock as review initiated by Bank governor Mark Carney focuses cuts on IT and HR staff
Pedestrians and workers outside the Bank of England. The Bank says it ‘envisages between 80 and 100 redundancies’. Photograph: Bloomberg/Getty
The Bank of England has announced its biggest jobs cull for more than a decade, with 100 positions to go as part of an efficiency drive.
The “value for money review”, which was launched shortly after Mark Carney arrived as governor last year, puts as many […]
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