Bloomberg News

Osborne Says Banks Should Heed Warnings to Limit Distributions

December 07, 2011

Dec. 7 (Bloomberg) -- Chancellor of the Exchequer George Osborne said the global financial system is “very stressed” and called on banks to shore up their defenses and curb pay.

“We have had an explicit warning,” Osborne told lawmakers in Parliament today. “They should be using earnings to bolster capital positions and limit what they call in the financial world compensation -- pay and bonuses to the rest of us.”

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: Andrew Atkinson at a.atkinson@bloomberg.net


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