Global banks confirm remuneration action
Fri, 16 Oct 2009
A group of leading foreign banks have agreed to support the implementation of reforms to bankers pay proposed at the G20 summit in Pittsburgh.
Merrill Lynch, Credit Suisse, Goldman Sachs International and JP Morgan are among those to have confirmed their commitment to the Financial Services Authority (FSA) reforms to remuneration practices.
Of the major European banks with major London branches, BNP Paribas, Deutsche Bank and Societe Generale have also announced their intention to act on the rules, which were published in August and will come into effect in January.
A joint statement published by the banks said the move was necessary for national and international consistency on the issue of banking remuneration and effective risk management.
"We welcome the global nature of the G20 remuneration reforms and will work with the FSA and regulators in our home countries in adopting the reforms, recognising that all G20 nations have also committed to their implementation to ensure a level playing field," the banks added.
FSA secretary Lord Myners commented that the financial services industry has to take a "responsible and long-term approach to remuneration" to retain competitiveness and regain public trust.
Earlier this month, Barclays, HSBC, Lloyds Banking, the Royal Bank of Scotland and Standard Chartered agreed to implement the reforms suggested by the G20.
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