Australia banking watchdog to review pay practices

Sydney

AUSTRALIA'S banking sector regulator said on Tuesday it will review pay practices for some executives, risk and control and risk-taking staff at financial institutions as part of an increased focus on risk management culture.

The regulator said that it wanted to ensure banks avoided the behaviour that caused the global economic downturn in 2008-09 at a time when Germany's Deutsche Bank is facing a crippling US$14 billion fine from US regulators over investigations into its mortgage-backed securities trading.