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.
New essay by JK Rowling went live on Pottermore site on Friday
New UK station Russia Today gives a very bizarre view of Britain
- 1 Chinese authorities arrest 11 people over exhuming woman’s body to sell as corpse bride
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Paul Hollywood: Police asked if I wanted them to arrest Mary Berry for vandalism after she 'defaced' my car
- 5 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Tower of London poppies: Tens of thousands of people flock to see installation in its final days
Top Gear presenter Jeremy Clarkson criticised for beer tweet
Woman blinded as a child can see again after hitting her head on a coffee table
Bryan Adams' heartstopping images of wounded British soldiers to go on show at Somerset House
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...