mcfall comments: We will only see a change of culture when fund managers demand transparent assessments of progress and senior executives feel real financial pain for presiding over misconduct, McFall wrote, according to Euro News. Bank investors overwhelmingly voted to approve executive pay packages at the big banks during the recent annual general meeting season in April, despite voicing concerns about how shareholders have suffered for banks' past failings. Banks are paying out bonuses based on 'fictitious measures of profit' that do not take into account costs from misconduct fines and reorganisation, McFall wrote in an article on the website of bank reform advocacy group New City Agenda. McFall comments come as Britain biggest banks prepare to report their half-year earnings and face the possibility of a recession following the UK referendum vote to leave the European Union. euronews provides breaking news articles from Reuters as a service to its readers, but does not edit the articles it publishes. Copyright 2016 Reuters.
(news.financializer.com). As
reported in the news.
Tagged under mcfall comments, account costs topics.