Supervisors must change bonus culture: Wellink

Nout Wellink, the chairman of the Basel Committee on Banking Supervision and president of De Nederlandsche Bank, has called on supervisors around the world to tackle banks' "generous" bonus culture.

"To protect depositors and taxpayers, the supervisory community will have to enforce fundamental changes in the remuneration incentives," Wellink said in the foreword to Towards a New Framework for Financial Stability, a book published by Central Banking Publications.

Wellink added: "Bonuses have co