Archegos Failings May Hit Banker Bonuses, U.K. Regulators Warn
- FCA, PRA review into Archegos finds ‘cross-firm deficiencies’
- Executives could see bonuses cut if remediation unsatisfactory
888 Seventh Avenue, the building that housed the Archegos offices, in the Midtown neighborhood of New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Top bankers’ bonuses may be cut unless they can show they have fixed risk-management failings highlighted by the implosion of Archegos Capital Management, U.K. regulators said.
In a warning to bank chief executive officers on Friday, the Financial Conduct Authority and the Bank of England’s Prudential Risk Authority said they had found “a number of significant cross-firm deficiencies” in the way banks serve hedge fund clients.