Fed calls on banks to step up pay reform
Banks must boost efforts to reduce excessive risk taking through reform of compensation practices, a Federal Reserve guidance report on incentives compensation said on Monday
The Fed report - published in collaboration with the Office for the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation - showed that firms had not fully adjusted the incentives structure of their compensation practices to discourage excessive risk-taking by employees
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