Libor Fixing Scandal: RBS’ Hester ‘This Whole Episode Disgusts Me’
Capital market activity is not a bad thing, as it creates raising money and funding from small and big firms. You can do this efficiently and ethically. It is perfectly possible to have an ethical culture in the face of trading.”
Gulliver defends HSBC banking culture:
Every half year, we see if people and senior people if they adhere to our values and the scorecard which is 60% financial and 40% non-financial. We have got rid of people [who have not hit these targets]. There is a behaviourial standard that has to be adhered to at HSBC.”
UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
Tyrie: Is the US a tougher place for banks to do business and does it engender a better banking culture?
It certainly is a tougher place to do business when you get it wrong, as we have found. Tough but fair regulation is an advantage. The US has a tough system and a penetrating system of punishing failure We should aspire to install a tougher but fair system here.”