Corporate foreign exchange news

Bank leaders 'angered by King comments'

Monday, 07 March 2011 08:58:26 GMT

Published by Zeb Bham
Leading figures from the banking industry have criticised comments made by Bank of England governor Mervyn King over the weekend.
In an interview with the Daily Telegraph, Mr King argued that banks have been putting profits before customers and that further reform is needed in order to prevent another crisis.
However, bank leaders have reacted angrily to his comments, suggesting that his claims do not reflect reality.
One such banker, who asked to remain anonymous, told the Telegraph that Mr King is "putting himself in a dangerous position" and that "it is clear he does not like bankers".
The source added that his speech was "an insult" and that it is "untrue" to say that bankers focus on "ripping off customers".
Mr King made one reference to his own actions, saying he believes he should have "spoken more forcefully" about the build-up of leverage.
The comments come weeks before the government's Independent Commission on Banking publishes its report on the sector.
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