Peter Sands, chief executive of Standard Chartered, yesterday stepped up his attack on proposed regulatory reform for the global banking industry, dismissing several key ideas for change.
He said he supported regulatory change that would make banks hold more high-quality capital and improve their liquidity, but felt other aspects of proposed reform were “bad ideas”.
Any “variants of Glass-Steagal” – separating investment and retail banking operations – seem “hugely distracting, costly and unlikely to make anyone or anything safer”, he added.
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