Correspondent, Chicago
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Nov 13, 2014
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Nov 8, 2014

ECB’s Constancio, echoing Fed’s Dudley, wants bank culture fixed

CHICAGO (Reuters) – A top European central banker on Friday put Europe’s big banks on notice that it is not only U.S. regulators who will demand large financial institutions change their culture of bad behavior or face being broken up.

The president of the Federal Reserve Bank of New York, William Dudley, last month told a group of executives at large banks that if they do not reform their culture, by among other things tying pay for bank chiefs to good corporate behavior, financial stability concerns “would dictate that your firms need to be dramatically downsized and simplified.”

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    • About Ann

      "Coverage includes Federal Reserve regional banks, U.S. monetary policy, interest-rate futures markets, and financial exchanges and clearinghouses serving the derivatives marketplace, including CME Group."
      Joined Reuters:
      2010
      Languages:
      English, Japanese
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