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Bank chiefs issue warning against regulatory overkill
BARCLAYS chief executive John Varley yesterday urged regulators not to risk “throttling” economic recovery with overzealous reforms, while HSBC backed up his call for a measured approach.
“This industry got many things wrong and there is much to be sorry about. There must be change and there will be change,” said Varley.
But he added that regulators would risk “throttling” enterprise if they took regulation too far.
Michael Geoghegan, chief executive of HSBC, said: “I understand Barclays’ concerns.”
The bank’s finance director Douglas Flint backed him up, cautioning against a “broad brush” approach to financial institutions.