Mervyn King: Banks putting profits before customers

Gerald · 03-05-11, 08:35 AM

Banks are trying to maximise short-term profit at the expense of customers, the Bank of England governor has said.

In a Daily Telegraph interview, Mervyn King questioned the bonus system and warned that failure to reform the sector could result in another financial crisis.

BBC correspondents say the remarks are significant because the Bank of England is taking over regulation.

http://www.bbc.co.uk/news/business-12655035

Note: 5 March 2011 Last updated at 13:16 GMT

03-05-11, 08:35 AM	#1
Gerald SUBSIM Newsman Join Date: May 2008 Location: Close to sea Posts: 24,254 Downloads: 553 Uploads: 0	Mervyn King: Banks putting profits before customers Banks are trying to maximise short-term profit at the expense of customers, the Bank of England governor has said. In a Daily Telegraph interview, Mervyn King questioned the bonus system and warned that failure to reform the sector could result in another financial crisis. BBC correspondents say the remarks are significant because the Bank of England is taking over regulation. http://www.bbc.co.uk/news/business-12655035 Note: 5 March 2011 Last updated at 13:16 GMT __________________ Nothing in life is to be feard,it is only to be understood. Marie Curie