Bank of England boss backs Obama's banking war
- Mervyn King throws his weight behind wholesale reform of the banking system.
Chancellor Alistair Darling may not be rushing to stand shoulder to shoulder with Barack Obama in his war on banking, but the US President has found an unlikely ally in the form of the Governor of the Bank of England.
Mervyn King added his voice to calls for radical reform of the global banking sector, but he distanced himself from any notions of limiting the size of any individual institution. He did however warn the financial sector that it could no longer expect the taxpayer to bail it out if there were further problems.
To read the rest of the article you'll need to log in below
If you've forgotten your details click here for a reminder.
If you haven't got an account, it's free and it only takes a minute to set one up,
click here to register
- login or register to post comments
- Add to a social bookmarking site
It's All In The Detail
As well as a library of analysis and practical help for finance professionals, we also have a wealth of news on individual sectors supplied by Finance Week partners.
If you would like to discuss your industry with your peers, why not set up an individual disvcussion group for your sector. We can create both private and public groups where you can swap information and practical tips. .If you would like to set up a group please contact the editor, Rachel Fielding.
The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more