(Photo: Parliament TV)
UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
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."
Andy Love MP asks about breaching Iranian sanctions:
It is the same response with the changes in the organisational structure of the bank that we are doing, in order to address the failures from the bank, seen in Mexico.
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."
* Third set of bank executives to give evidence to Parliamentary Commission on Banking Standards panel
On Libor Fixing:
Jenkins: I am not seeking to justify the events surrounding Libor and we dealt with it that we saw fit. But I will say that prospectively that we have absolute control over what is happening in the organisation. We have lots of legacy issues and we are dealing with it appropriately.