Geithner backs bankers on push for regulation clarity

City A.M. Reporter
THE heads of the world’s biggest financial players met in Davos yesterday to try to mend their relationship with regulators who are crafting tougher rules to prevent another financial crisis.

At a meeting on the fringes of the World Economic Forum, the bankers including the heads of JP Morgan Chase, UBS, Credit Suisse and Barclays, discussed issues ranging from financial stability to the Eurozone crisis and later told US secretary of state Timothy Geithner, pictured left, about their need for more regulatory clarity. “We are working through a range of ideas of how to work together,” said Howard Lutnick, chief executive of private investment bank Cantor Fitzgerald.

Participants said Geithner shared their view about the need for more regulatory clarity.

Prudential chief executive Tidjane Thiam, who co-chaired the meeting with Barclays’ Bob Diamond, said: “We have recovered, things are going better. The dialogue has improved. But we are in the middle of the process.” Participants said there was little discussion of new proposals for regulation or financial stability.