White House's Summers says must fix compensation

WASHINGTON (Reuters) - President Barack Obama's top economic adviser said on Friday that financial industry compensation must be properly designed to prevent excessive risk-taking, echoing international calls for curbs on bankers' pay.

"We must ensure compensation that is aligned with prudent risk management," the White House's National Economic Council Director Lawrence Summers said in remarks prepared for delivery to a conference at Georgetown University.

"Properly designed compensation practices constitute an important measure in ensuring safety and soundness in our system. The key is to ensure that the right incentives are in place for long-term value creation," Summers said in excerpts of his remarks released by the White House.

(Reporting by Alister Bull; Editing by Dan Grebler)