High bank pay reforms needed

BANKS need to do more to shift away from a culture of risk and the excessive pay structures that prevailed before the financial crisis, an industry report has said.

Banks have made progress since 2008 as top management and boards have become more involved in setting risk policy, according to the survey of 62 firms released on Tuesday.

But reforms were far from complete, with risk appetite across the firms broadly unchanged, said the report by Ernst & Young, conducted on behalf of the Institute of International Finance.