Banks reforming pay deals, says industry group

The Institute of International Finance (IIF), a global organisation for the banking industry, has said that financial firms are overhauling their compensation practices to reflect a longer-term outlook.

The IIF said in a report published Monday that firms were undertaking the reforms outlined by the Financial Stability Forum (FSF) last April. The FSF had said in its report on 'Enhancing Market and Institutional Resilience' that "the financial industry should align compensation models with lon