The Fed official overseeing Wall Street says things need to change, and if the industry’s risky culture isn’t turned around, it may be time to break up the big banks. William Dudley’s proposal would overhaul the way bonuses are paid out to executives, CNN reported. Dudley, president of the New York Federal Reserve Bank, laid out his ideas at a workshop involving officials from Wall Street’s largest banks, plus federal regulators. Representatives from the likes of JPMorgan Chase, Morgan Stanley,Goldman Sachs, Barclays and Bank of America were listed as participants. If “bad behavior” continues, the banks would “need to be dramatically downsized and simplified,” he warned them.
