Banking industry 'must learn lessons'

HSBC chairman Stephen Green has said that the global banking industry has a responsibility to learn from the events of the financial crisis.

Speaking to the BBC’s World Business Report, he claimed that the entire sector ’owes the real world an apology’ and will have to radically change its culture to regain the trust of customers.

Mr Green also said that ’the centre of gravity of the world’s economy’ is gradually moving to Asia, shortly after HSBC announced that chief executive Michael Geoghan will be relocating from London to Hong Kong.

Speaking about the responsibilities of the banking industry, he added: ’It also owes the real world a commitment to learn the lessons. Some of them are about governance and ethics and culture within the industry.

’You can’t do all this simply by rules and regulations.’

Mr Green was speaking from Istanbul, which hosted the annual meetings of the International Monetary Fund and the World Bank this week.

The Financial Services Authority issued its new regulations for ensuring that UK banks hold enough liquidity in government-issued bonds on Monday (October 5th).
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