Feb 14
Lina Saigol: Warning by bank 10 years ago was ignored: The Bank of England issued a stark warning to the City of London more than a decade ago that big bonuses encouraged traders to take excessive risks – but no action was taken. The Bank’s financial stability review published in March 1997 warned that large, variable bonuses that depended on some measure of performance could become a one-way bet for traders. Dealers won if they generated profits for the business but did not have to pay back
