In the case of banks, take it out of the bonus fund as a regulatory requirement. Performance will increase amazingly.
I doubt it. I've worked in banking for decades and there is nobody of senior director level and upwards with the least little clue about technology. There's a few layers of MD's, then several layers of D's, and literally none of them understand technology.
Its very hard to make the right decision when you don't know what you're doing, don't know who to ask, and don't want to live with what you personally perceive as a loss of face for asking. So they go to consultants, and they spend small firtunes doing what the consultant is selling this year, with little understanding that the same consultant (note, not contractor) will sell them an entirely different solution next year.
It'd be funny, if the consequences weren't so serious. Half or more of the senior staff in every bank I've worked at need to go, because its all just dead weight. Sorry, but it is. And that includes my own bank!