Banking bosses call on the City to work together to restore industry reputation

LEADERS of the UK banking industry are this morning set to gather at the Mansion House for a summit to discuss ways to help the City rebuild public trust in the industry following the excesses and risk-taking of the pre-crisis years.

Lord Mayor Nick Anstee will be joined at the event by banking scions such as Barclays chairman Marcus Agius, Lazard chairman Ken Costa, RBS chairman Sir Philip Hampton and Sir Win Bischoff. Figures from the areas of regulation, politics and religion are also set to attend, including Financial Services Authority chief executive Hector Sants, TheCityUK’s Dame Clara Furse, former Treasury Select Committee chairman Lord McFall and Paul Tucker, deputy governor for financial stability at the Bank of England.

The attendees will call on the City to take an active role in restoring the industry’s image by collectively finding solutions to address problems with its corporate culture, remuneration policy and attitude towards customers.

“We have a big job to do,” Anstee will tell the delegates. “To guarantee that unethical behaviour is inexcusable and that reckless risk taking is not acceptable and will be treated as such, so that our reputation is unassailable.”