Banks must reform bonuses: the first step is transparency
Investment bankers may believe the present system of large annual bonuses is fully justified by the profits they bring in. But they can no longer expect the rest of the world to believe them. It is time for banks to stand up and make an honest case for pay policies that they can defend as rational.
Its bonus time again in the capital markets that happy season traditionally marked by bitching and backbiting.
As one head of department at a European investment bank remarked a year ago, in the midst of working through the 2006 bonus and appraisal round: Never have so many people
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