(Bloomberg) -- Sallie L. Krawcheck, who ran wealth-management divisions at Bank of America Corp. and Citigroup Inc., said risks at complex financial firms could be better managed by giving executives part of their pay in bonds.

Banks, including her former employers, are trading below liquidation value because investors are struggling to determine what returns to expect, Krawcheck said today at the Bloomberg Markets 50 Summit in New York. The complexity of the firms and their regulation obscure their value, she said.

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