Bank chief launches extraordinary attack on City - papers 30 April

Mr King said that the £50 billion bail-out extended to cash-strapped banks should not be seen as an opportunity to continue paying multimillion-pound bonuses to executives who gambled with other people’s money. “Banks have come to realise in the recent crisis that they are paying the price for having designed compensation packages which provide incentives that are not, in the long run, in the interests of the banks themselves, and I would like to think that would change,” he told MPs. Mr King urged the financial sector to learn from its mistakes and not return to the “hubris and excessive...