Davos: Global bankers appeared a divided lot
at the opening of the five-day World Economic Forum meeting
with some pitching for better regulations and safer banks and
others expressing apprehensions that more regulations could
stifle the financial sector itself.
"We need a better financial regulatory system... We want
a banking system that is safer and the one which supports the
real economy," said Peter Sands, Group CEO of Standard
Chartered Bank and WEF co-chair, at the opening press
conference here at the Swiss Alpine holiday resort.
Although Sands echoed the sentiments of many of the 2,500
CEOs, who have converged here to explore possibilities to
re-design and re-build the recession-hit global economy, Peter
Levene, chairman of British bank Lloyd's, said, "Let's get
good regulation, better regulation, but not more regulation."
Ronald A Williams, CEO of US-based insurance company
Aetna suggested taking a long-term view with regard to
regulatory framework for the financial sector.
The Stanchart chief further said the re-think and
re-design theme of the WEF "applies to banking sector more
than any other sector of the economy. The idea that banking is
getting back to usual business is a misunderstanding.
Banking is fundamentally changed (post crisis)".
PTI
First Published: Wednesday, January 27, 2010, 23:39