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07-May-08 11:15 [Pay and Reward]
King told to mind his own business Mervyn King, the governor of the Bank of England, has been told to stay within his 'remit', following his comments about the city bonus culture.
Last week, Mr King accused banks of rewarding risk-taking with large bonus payments and were therefore partly responsible for the current situation they find themselves in.
He also stated that the bonuses paid were not in the long-term interests of the banks themselves.
In response to the governor's claims, John Lacey, managing director of Longbridge Search and Selection, says Mr King has no right to make such statements.
"What does Mervyn King think he's playing at? Banks, like any other commercial entity, have a duty to their shareholders to maximise returns, and should renumerate their staff in a way that maximises those returns," he said.
Earlier this year, the chancellor Alistair Darling said firms needed to be able to justify the huge bonuses they pay to staff.
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