Darling meets with chief bankers in Davos
Darling meets with chief bankers in Davos
Friday, 29, Jan 2010 04:00
By Alex Steger.
Alistair Darling has met with senior bankers at the World Economic Forum to discuss ways of protecting taxpayers from any future financial crises.
The chancellor and chief executives from some of the world's biggest banks including HSBC, Barclays, Goldman Sachs, JP Morgan and Morgan Stanley, met in Davos, Switzerland, to discuss a new approach to the issue of banking regulation.
The talks have been described as the most positive between the Treasury and bankers in recent months following periods of alleged hostility from both sides.
The talks were hosted by Peter Sands, the group chief executive of Standard Chartered, one of the architects of last year's banking bailout.
The issue of banker's bonuses is likely to have been raised later with bankers arguing that an extension of this year's taxes on bonuses could damage London's status as a financial capital.
Mr Darling is expected to face a wave of anti-banker sentiment in the run up to a general election and is likely to have sought a consensus between London-based banks before presenting the UK's position on the issue.
The chancellor said before the meeting that the City's top bankers should stop feeling sorry for themselves and to work with the government to build a stronger financial system.
He said: "My message to the banks is that it is in their interests to get off the front pages.
"The banks should do what they are supposed to do, provide credit to the economy. They must know that changes are necessary. They can all see that the regulatory regime needs to be more robust and more intrusive.
"Don't feel sorry for yourselves. Work with the government to see how you can improve the situation."