London, Mar. 5 (ANI): The Governor of the Bank of England, Mervyn King, has warned that the United Kingdom could face another financial crisis if reform is not carried out in the country's banks immediately.
In an interview with The Daily Telegraph, King warned that the banking system as it exists now has too many imbalances, and urged high street banks to take a better, longer term view towards their customers and to stop focusing on the need to "simply maximise profits next week".
Accusing banks of routinely exploiting millions of their customers, King criticised the "weight put on the importance and value of takeovers", saying it raises concerns that companies with good reputations have been "destroyed" in the search for short-term profits.
He expressed regret for not sounding a louder warning over his concerns before the last banking crisis.
The Governor's remarks are a warning to George Osborne, the Chancellor, as a government commission considers whether to force high street banks to sell off their investment banking arms.
Osborne is thought to be against such a plan, but King's views on banking regulations are seen as critical.
King, who rarely gives interviews, suggests that the culture of short-term profits and bonuses within the banks may ultimately be responsible for the problems. He said traditional manufacturing industries have a more "moral" way of operating and care deeply about their workforce, about their customers and, above all, are proud of their products. (ANI)
|
|
Read More: Bank
Comments:
