Andrea Leadsom accuses banking sector of ‘heads I win, tails you lose’ approach to bonuses – video
The Conservative MP Andrea Leadsom has launched a scathing attack on bankers' bonuses at a Treasury select committee hearing on Tuesday, where she accused bankers of a ‘heads I win, tails you lose’ approach to bonuses. 'In what other sector ... if your business fails, do you then get a bonus?' she asked Andrew Bailey, the Bank of England governor, Sam Woods, the chief executive of the Prudential Regulation Authority, and Dave Ramsden, the deputy governor for markets and banking at the Bank.
Woods responded that a distinction needed to be made between Silicon Valley Bank (SVB), the parent company and its UK subsidiary, which was well capitalised. Woods also said there was likely to be 'some significant consequences' for bankers at the parent branch of SVB