Lloyds Banking Group chief executive Antonio Horta-Osorio last night blasted his own industry as "complacent, non-customer focused and inefficient".
Mr Horta-Osorio admitted banks had "lost focus" on customers and called for them to adopt a new business model.
He insisted that the bank – by a distance Britain's biggest retail financial services provider – was "committed" to linking bankers' pay to the long-term performance of the institution. Lloyds has no investment bank of note but still employs several people on lucrative packages that bring them in more than a million pounds a year.
The chief executive said there should be less emphasis on "sales targets" parroting regulators' demands for a change of culture so consumers are less likely to be mis-sold products.