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Bank refunds news: King calls for bonus cull

The high number of bank refunds being dished out by major UK-based institutions and the shaky state of the economy in general should be enough to see bankers' bonuses curbed this year.

Governor of the Bank of England Sir Mervyn King has warned of a difficult year ahead and he is keen for banks to offer proportionate rewards to their employees.

He said that the biggest tragedy of the financial crisis is that the people who have borne the brunt of it are those who were in no way responsible for the economic crash.

Sir Mervyn insisted that 2012 would be a "long, arduous and uneven" road towards recovery.

"The legitimacy of a market economy will inevitably be challenged if rewards go disproportionately to a small elite," he commented.

Earlier this week, the Financial Services Authority suggested that bankers' bonuses should reflect the huge losses that banks have encountered through compensation for mis-sold payment protection insurance.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801274206-ADNFCR

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