Our bankers are overpaid, says new chairman
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir David Walker, the new chairman of Barclays, has admitted that its bankers are paid too much and that massive bonuses have undermined the bank's ethical culture. Sir David told the Sunday Times: "There's no doubt about it.
"My instinct is that they are paid too much." Sir David added that way bankers' pay was structured, with large bonuses paid for short-term trading gains, was "undermining culture" at Barclays.
"Some elements of remuneration are undermining culture in the sense that they support inappropriate behaviour. We need to look at this and we need to get on with it" he said. But Sir David also warned that excessive remuneration was a problem that went far beyond Barclays and that it would be difficult for the bank to tackle it unilaterally.
He said "[Wall] street is paid too much. I don't think we can get far out of line with the street."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments