Bank boss admits bonus shame

Jan 26 2010 By nebusiness

The head of the UK’s biggest bank hit out at the ``inflated" bonus culture today and predicted smaller payouts for the industry in future.

Stephen Green, the chairman of banking giant HSBC and the British Bankers’ Association, said the industry "had very good reason to be uncomfortable, looking backwards".

Mr Green, an ordained Church of England minister, said there had been "plenty of distortion" in bank pay which had given rise to "wrong and frankly inflated" bonuses.

But he added: "As this newer environment beds down, I think you will see a market working in a way that we don’t need to be ashamed of."