01/09/2009
Brown's Tough Stance On Bank Bonuses
Bankers should not make short-term 'speculative gains', but instead be rewarded for long-term results.
That is the message from Prime Minister Gordon Brown, who has pledged to get tougher on excessive payouts for bankers.
Mr Brown, speaking to the Financial Times, said on an international scale banks should be able to take back bonuses from employees if long-term performance had suffered.
However, the Prime Minister is said to be 'unenthusiastic' about a French-style mandatory cap on bankers' bonuses, rejecting suggestions the UK would take action unilaterally.
Earlier, Financial Services Authority boss Lord Turner said the 'bloated' sector should be 'cut down to size'.
Mr Brown said he did not support the watchdog chief's view.
(PR/GK)
That is the message from Prime Minister Gordon Brown, who has pledged to get tougher on excessive payouts for bankers.
Mr Brown, speaking to the Financial Times, said on an international scale banks should be able to take back bonuses from employees if long-term performance had suffered.
However, the Prime Minister is said to be 'unenthusiastic' about a French-style mandatory cap on bankers' bonuses, rejecting suggestions the UK would take action unilaterally.
Earlier, Financial Services Authority boss Lord Turner said the 'bloated' sector should be 'cut down to size'.
Mr Brown said he did not support the watchdog chief's view.
(PR/GK)
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