April, 05, 2010

John Fraser, the chairman and chief executive of UBS's global asset management business, based in London, said the banking sector had bounced back from the global crisis, but was at risk of not learning the lessons of the downturn.Mr Fraser, an Australian who spent nearly two decades at Treasury and served as a deputy secretary, said the pace of the economic recovery, the shift towards savings and the increase in the number of corporate transactions were allowing bankers to demand bull-market salaries.

"The remuneration levels are remarkable at the moment," Mr Fraser told The Australian."Everyone should be thankful, they should be getting down and praying to their respective gods every night that they still have a job. "I really do think we should be giving something back to society. I spent 20 years in the public service and I'm still amazed by some of the remuneration."

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