Banks 'mostly to blame for their own failure'
www.moneynews.co.uk > Banking > Banks 'mostly to blame for their own failure'
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Banks 'mostly to blame for their own failure'
Fri 1st May 2009
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According to the committee's report, a culture of increased risk-taking had developed in the UK banking sector, created by an environment "rich in overconfidence, over-optimism and the stifling of contrary opinions".
This contributed directly to the "meltdown" of the banking sector last October. The report claimed that bankers had made "an astonishing mess of the financial system", but also concluded that regulatory failure had played its part.
John McFall, chairman of the committee, said: "The banks have failed to govern themselves effectively - senior managers failed to understand the investments being made in their name."
Several of the UK's largest banks have been bailed out with billions of pounds of tax-payers money over the course of the past six months.
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