Banks need to stop blaming regulators and concentrate on repairing their reputation
First HSBC chairman Douglas Flint warned that regulatory reforms were exhausting staff and leaving them so “risk averse” they were frightened to much beyond selling simple deposit accounts.
Then Lloyds boss Antonio Horta-Osorio chimed in with a similar message. Now Standard Chartered’s head of Asia Jaspal Bindal is at it, whining that his bank is being treated “like a criminal”.
During the good times, when money flooded the City like a burst Thames Water pipe, banks didn’t bother too much about what their people were doing to make it.
Indulged by politicians, who ordered watchdogs to take it easy, the result was they almost broke the world’s economy. Since then a string of ugly scandals have emerged in the backwash and the mood has changed.
With regulators finally getting tough, the industry’s big guns appear to feel it’s time to roll back the tide of reform. Their dog whistle is aimed at politicians: In doing their jobs and cramping our style regulators risk damaging the economy. Get them off us. Let’s party again!
Unfortunately the world outside the glass towers of the financial sector is still suffering from a severe post crisis hangover. And it’s gone teetotal.
Rolling back banking reforms would therefore be political suicide for anyone that tried it.
Which leaves the terrible threesome looking uncomfortably like relics from a bygone age. At a time that the industry badly needs to reform its culture, their words actually serve as an impediment to the work that needs to be done.
Bluntly they need to shut up and concentrate on repairing the reputations of their businesses and their industry by ensuring they operate in a fair, ethical, and lawful manner. It can be done, and profitably too.
Returning to the stage after 20 years makes actress feel 'nauseous'
Top conservatoire offers ‘groundbreaking’ arts degree
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Watch a man race the Circle line - and win
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...