FT has some good news for bankers: apparently, the storm in over and they can even “admit their profession at dinner parties these days”
Bob Diamond was three years ahead of his time. When the former head of Barclays told a parliamentary committee in January 2011 that the “period of remorse and apology . . . needs to be over”, he caused a stink. Politicians lambasted his arrogance, commentators said he was out of touch and, within 18 months, he had been hounded out of his job by regulators.
But if there is one message that has emerged over the past week – amid the furore over the Financial Conduct Authority’s botched announcement of a life insurance inquiry – it is this: the UK government, and perhaps public opinion, appear to have turned a corner. The time for bankers’ remorse over the financial crisis might really be over this time.
So they can all relax and go back to the status quo ante? Not quite, apparently:
This change is a cause for concern among more cautious policy makers. Bad banking only prospered because of an environment of weak, light-touch regulation that allowed markets to get out of hand. The last thing the world needs is to forget that.