Wanted: senior managers with banking experience who aren’t afraid of prison and don’t mind having their bonuses snatched back seven years after it’s paid.
Bloomberg News reports that as the U.K. prepares to introduce some of the world’s toughest rules on financial conduct, lenders may find it increasingly difficult to recruit senior executives amid regulators’ attempts to focus accountability on individuals. Bankers also face losing their bonuses and may even spend time in jail if found responsible for their firm’s failure.
'Serving on a bank board going forward will be a much less attractive proposition, even if it’s better remunerated,' said Stuart Willey, a London-based partner at law firm White & Case LLP, who specializes in financial regulation.
'People will be concerned about individual risks they’re running, to their reputation in particular, and may not want to work in an environment where they will be constantly looking to defend their decisions.'
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