From The Telegraph “Banks need to hire the right people to help them with a change in customer needs and technology, but regulators are standing in the way.
Greedy, flashy, obnoxious and, when it all goes wrong, dangerous. Nobody liked bankers very much even before the crash of 2008, and ever since they have been about as popular as Russell Brand crashing the Tunbridge Wells Conservative Party's Christmas bash.
Politicians have been competing with one another for new ways to tax them, and regulators have been devising ever more ingenious rules for bringing them under ever tighter control. At this rate, zoo animals will have more freedom of movement than the average City banker.
There is a problem, however. In the same way that generals are famous for fighting the last war, regulators are very good at fixing the last crisis, while also setting up the next one. Right now, they are doing that with the financial system. They are clamping down on a rampant bonus culture they believe created a culture of reckless risk-taking. But what they will end up doing is destroying innovation and new ideas – at precisely the time when the banking industry needs both commodities more than ever.”
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