LONDON (AP)—U.K. banks should cut back on lavish pay for top executives, the Association of British Insurers urged Tuesday.
The association, whose 300 members include major shareholders in banks, called for a fundamental review of pay and bonuses at the end of a difficult year in which banks' stock prices have fallen and several face huge payouts to compensate buyers of payment protection insurance.
There is concern as well that banks should be hoarding cash to protect against the possibility that a European nation defaults on its debts or the 17-nation euro currency collapses.
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