Mervyn King: Banks putting profits before customers
09 March 2011
In a Daily Telegraph interview, Mervyn King questioned the bonus system and warned that failure to reform the sector could result in another financial crisis.
Mr King said that, over the past two decades, too many people in financial services had thought "if it's possible to make money out of gullible or unsuspecting customers, that's perfectly acceptable."
He also said there was "too much weight put on the importance and value of takeovers", and that "it doesn't make sense to destroy a company with reputation" in the hunt for short-term profits.
Full article (FT subscription needed)
Full interview (Telegraph)
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