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HSBC boss slams inflated bonuses

Jan 26 2010 11:54

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London - The chairperson of banking titan HSBC has attacked the payment of "inflated" bonuses to bankers, in an interview with the Financial Times published on Tuesday.

Stephen Green said there had been "plenty of distortion" in bank pay which had given rise to "wrong and frankly inflated" bonuses.

Green however predicted a change in culture following public anger over bonuses, which despite the financial crisis are still viewed by many as excessive.

"As this newer environment beds down, I think you will see a market working in a way that we don't need to be ashamed of," he told the business daily.

Green's comments come as global bankers return to the international spotlight at the Davos forum on Wednesday to battle increased regulation while still fighting off anger over huge bonuses.

Facing the mother of all public relations battles, Deutsche Bank chief executive Josef Akerman, Brian Moynihan of Bank of America, Vikram Pandit of Citi group and Green will be among leading bankers at the World Econonic Forum (WEF) in the exclusive Swiss ski resort.

- AFP

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