Bloomberg reports that bankers were too focused on the short-term, too self-serving and too aggressive in their actions in the years leading up to the global credit crunch, Jenkins said Wednesday at a debate hosted by London’s St. Paul’s Institute, a church group that seeks to engage banks with moral questions.
'The financial crisis exposed the destruction that can be caused if we have capitalism without a moral compass -– lacking the control which can make it a force for good', Jenkins said in prepared remarks at the 17th-century St. Paul’s Cathedral. 'And the behavior of banks, of course, was at the center of this lightning storm'.
A recent review by Rothschild Inc. Vice Chairman Anthony Salz in April was critical of past compensation at the bank and for past failings in its culture. Barclays paid its top 70 executives “consistently and significantly above” the industry norm, according to Salz.
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