Do Lloyds and HSBC banking chiefs get it yet?
Outlook Given Standard Chartered’s troubles with watchdogs, its chief executive wasn’t about to steam in alongside HSBC’s chairman, Douglas Flint, over regulators being mean to banks.
No matter, because Antonio Horta-Osorio has stepped into the breach on Sky News. Mr Horta-Osorio fretted that some of the reforms planned by watchdogs could “incentivise people to do nothing”. Like Mr Flint, he fears bankers will avoid taking risks for fear of the consequences should something go wrong.
Both men say they are concerned about the impact of bankers avoiding taking any responsibly for anything, and limiting what they do to selling the odd ultra low-risk deposit account to customers.
It should be remembered, here, that Lloyds only recently ditched a target-based remuneration scheme for sales staff that led one hapless employee to mis-sell life insurance policies that he couldn’t afford to himself. He was far more fearful of his bosses than of the watchdogs. Lloyds traders also tried to cheat the Bank of England out of fees for participating in a scheme that kept it trading. As we all know, HSBC was fined nearly $2bn for acting as a conduit for Mexican drug money. They may both have been in the thick of more wrongdoing if their risk warnings are anything to go by.
It is hard not to ask whether either of these two men get it yet. It’s not risk-averse bankers doing nothing because of a big bad regulator we should be concerned about.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 3 UK weather: Snow to fall during coming week with sub-zero temperatures to last until early February
- 4 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
UK weather: Snow to fall during coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Ellen DeGeneres leads Johnny Depp, Gwyneth Paltrow and Paul Bettany in revealing game of Never Have I Ever
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...