Moves by governments and regulators around the world to shore up banking systems and financial markets risked a push towards financial protectionism, the like of which had not been seen since before the second world war, a leading group of bankers warned yesterday.
The bankers, who included senior officials at Deutsche Bank, JPMorgan, Spain's BBVA and Sweden's SEB, said they supported “far-reaching” regulatory reforms including changes to pay practices across banks and tougher capital requirements.
However, in a report on the future of financial regulation, they voiced concern about swift moves to change rules in the UK and the US that would include curbs on risky compensation practices.
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