Andrea Leadsom accuses banking sector of ‘heads I win, tails you lose’ approach to bonuses

The Conservative MP Andrea Leadsom has launched a scathing attack on bankers' bonuses at a Treasury select committee hearing on Tuesday, where she accused bankers of a ‘heads I win, tails you lose’ approach to bonuses. Subscribe to Guardian News on YouTube ► http://bit.ly/guardianwiressub 'In what other sector ... if your business fails, do you then get a bonus?,' she asked Andrew Bailey, the Bank of England governor, Sam Woods, the chief executive of the Prudential Regulation Authority, and Dave Ramsden, deputy governor for markets and banking at the Bank. Woods responded that a distinction needed to be made between Silicon Valley Bank (SVB), the parent company and its UK subsidiary, which was well capitalised. Woods also said there was likely to be 'some significant consequences' for bankers at the parent branch of SVB. The Guardian publishes independent journalism, made possible by supporters. Contribute to The Guardian today ► https://bit.ly/3uhA7zg Sign up to the Guardian's free new daily newsletter, First Edition ► http://theguardian.com/first-edition Website ► https://www.theguardian.com Facebook ►https://www.facebook.com/theguardian Twitter ► https://twitter.com/guardian Instagram ► https://instagram.com/guardian The Guardian on YouTube: The Guardian ► https://bit.ly/guardiannewssubs Guardian Australia ► https://bit.ly/guardianaussubs Guardian Football ► https://bit.ly/gdnfootballsubs Guardian Sport ► https://bit.ly/gdnsportsubs Guardian Live ► https://bit.ly/guardianlivesubs #AndreaLeadsom #Banking #SVB #SiliconValleyBank #News