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Fix bank culture or face being broken up, says US Fed Reserve

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Banks must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William Dudley, president of the Federal Reserve Bank of New York - PHOTO: REUTERS

New York

BANKS must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William Dudley, president of the Federal Reserve Bank of New York.

If bad behaviour persists, "the inevitable