Bank of England Boss - Culture at Big Investment Banks Has Changed

Mervyn King

The head of the Bank of England, Sir Mervyn King, has told MPs that the culture at the big investment banks has changed.

BBC News reports that Sir Mervyn told the Parliamentary Commission on Banking Standards that the economics of banking had altered.

He said that was also changing the risk-taking culture of the big banks.

But the governor said that it would still be necessary to 'ring-fence' every day banking from more risky investment activities.

That move was recommended by the Vickers report into banking that was released last year.

The Bank of England is taking over regulation of the banks from the Financial Services Authority next year.

The Commission on Banking Standards was appointed in July, following the Libor scandal and other episodes that damaged the reputation of banks in the UK.

Hit the link below to access the complete BBC article:

Bank of England's Mervyn King: Banks' culture changed

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image: © Bank of England

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