Fed says pay guidelines should be implemented this year
Although compensation rules aimed at reining in excessive risk-taking do not officially come into force until next year, the Federal Reserve told major banks that they need to follow pay guidelines in this year's round of bonuses. The Fed's call is likely a way to pre-empt public backlash against what is expected to be a massive bonus season for banks. The central bank made the call as banks decide how to divvy up bonus pools for 2009.
Washington Post, The | 11/03
This story published in SIFMA SmartBrief on 11/03/2009
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