Despite a global recession, hundreds of billions of dollars in losses and hardships suffered by millions of people, the international banking system remains largely unreformed a fact that gives Mike Mayo sleepless nights.
“The financial crisis has not changed a thing,” writes the outspoken bank analyst from Credit Agricole Securities in his recently published book, Exile on Wall Street, which is subtitled One Analyst’s Fight to Save the Big Banks from Themselves.
The quickest way to solve a problem is to find its root cause, and Mayo argues that the way banks pay their staff lies at the root of the financial crisis. “I summed up...
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