Managers need to slow the bonus process.
“Many people in the sector still believe they should be paid entrepreneurial wages for turning up to work with a regular salary, a pension and probably a health-care scheme and playing with other people’s money,” Cryan said at a conference in Frankfurt on Monday. “There doesn’t seem to be anything entrepreneurial about that except the compensation structures.”
Bloomberg News reports that Cryan, who took over as co-CEO of the bank from Anshu Jain in July, elaborated on his philosophy for paying employees Monday - even taking aim at his own compensation package - just weeks after broadly warning that staff bonuses will have to reflect the cost of the firm’s fines for past misconduct.
Managers need to slow the bonus process so employees aren’t rewarded for work before it comes to full fruition, he said. He also expressed concern that too many people have senior titles.
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