Libor Fixing Scandal: Stephen Hester Remains RBS CEO and Will Not Return Bonus.

UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live

Andrew Tyrie MP closes the session.

Thank you for joining IBTimes UK

Tyrie MP asks Flint is “people who earn your kind of salary have a sense of duty of giving back to society”

Flint and Gulliver said “yes, I can see why people would ask that.”


We need to find a way to identify problems, such as the mis-selling of interest rate swaps, to stop these problems rather than paying compensation or tackling years later

Flint on risk management:

I do think the weaknesses in the banking crisis was the over reliance on models, whether in algo trading, the risk models, the ratings agencies. If the mathematics were weak, then the models used would be damaging.


I do think there is an aspect of professionalism in some industries where you are taught ethics as part of your job, such as law and medics. Banks use to have this, but not anymore

MPs suggesting that HSBC can only motivate staff by “cash”, deferred or otherwise and compare them to doctors and teachers.


The vast majority of our staff are on average or below average earnings.