I agree with the first part of that quote, but when it says "No incentives without disincentives" that's where the bankers would argue that there are disincentives, like the "performance culture" (firing the bottom performing 10% etc). I would disagree with them (the bottom 10% may just be more aligned with reality, or considering the long term for example) but these guys are slippery and will find any means necessary to justify this behaviour.