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Industry's reward culture at fault

We have to thank Stephen Hester for finally laying to rest the great fiction that City financiers will only work for huge rewards.

The real reason for astronomical salaries is that it is in the interests of all to maintain that fiction.

It is, therefore, perhaps not surprising that Mr Hester had to defy the Royal Bank of Scotland board to waive his bonus.

It calls into question the reward culture of the entire industry.


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