Banks need globally consistent regulation-Citigroup

FRANKFURT Oct 8 (Reuters) - The banking industry needs globally consistent regulation and standards, Citigroup's (C.N) chief executive said on Thursday, as financial leaders revamp rules in the wake of the financial crisis.

In a speech to an academic conference, Vikram Pandit also said that banks need to develop pay and bonus structures that mitigate moral hazard, which occurs when bankers make riskier investment decisions on the assumption that they will be bailed out if the investment turns sour.