Bonuses: penalty box

Bankers should be put in the bonus penalty box for 2010. The industry has lost credibility because of its crass approach to pay in 2009. To get back on the front foot, compensation in the current financial year needs to be much lower. Governments and regulators should make this happen – and do so quickly. Delay will just store up trouble for everybody. The public is now so hostile to bankers that there is a risk of bad regulations being foisted on the industry. The backlash has already produced...