Bank chiefs issue warning against regulatory overkill

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