In a column within a national newspaper on Sunday (August 12th 2012), the Bank of England governor, who has previously been critical of bankers over excessive pay and poor customer treatment claimed that banks could “learn a thing or two about fair play” from the Olympics; adding that the banking system must be reformed so that it focuses less on making money in the short term and more on building businesses to serve their customer's interests over the longer term.
Sir Mervyn King said within the column: “Yes, for many years, our financial sector sustained the illusion that it was possible to become a millionaire overnight by buying and selling pieces of paper. But we have seen how paper fortunes in financial markets can disappear overnight.
“Things need to change. The Government’s plans to build a wall between banks’ risky trading on one side, and their lending to businesses and families on the other, will help; as will the injection of new competition into our banking system.”
The Bank of England governor went on to say: “The financial sector has done us all a disservice in promoting the belief that massive financial compensation is necessary to motivate individuals” adding that those who volunteered at the Olympics showed that "motivation is more than mere money.”
During his column over the weekend, Sir Mervyn King also called for international cooperation to ease the global economic crisis, saying: “If we have learnt anything from the past fortnight, it is that commitment and hard work over a long period are necessary for eventual success.”
For more information, please visit www.milsted-langdon.co.uk
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