Banks should penalise excessive risk-takers

Hit them "in the pocket" says Credit Suisse op risk chief

Aengus Hallinan, Credit Suisse

Banks should use a financial penalty to punish excessive op risk taking, said Credit Suisse's global head of investment banking operational risk at the OpRisk Europe conference in London on June 11.

Aengus Hallinan said money-based disincentives – as a counterpoint to performance-linked benefits – would be the best way to ensure bank employees stay within a company's risk appetite.

"In the financial sector... at some point you have to hit people where it hurts, which is in the pocket," he said.

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