“Bankers involved in excessive risk-taking or wrongdoing should risk having their fixed salaries cut as well as their bonuses, the head of the G20's global financial monitor said Monday.
Financial Stability Board Chairman Mark Carney raised the new penalty idea in a speech just days after six major U.S. and overseas banks were fined $4.3 billion over broker attempts to manipulated the $5.3 trillion-a-day financial currency market.
"Standards may need to be developed to put non-bonus or fixed pay at risk," Carney, who's also governor of England's central bank, said in a financial reform lecture for the Monetary Authority of Singapore.
He called for international standards and coordination to ensure a level playing field on potential penalties involving bank pay.”
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