"When I got here, the bank was a time bomb. We had £700 billion of banking assets and £300 billion of wholesale funding, half of which was short-term with an average tenor of two months. The bank was in danger of going bankrupt"
"When we think about our business model, there was a time when we worried about our competitors ability to replicate what we have. Now there isnt much likelihood of anyone doing that through big M&A deals. And to compete with us in 100 places, any bank growing organically would need to plant its flags, gather deposits, make loans. Thats a long, tough slog, and it just doesnt look practical for anyone to undertake in this environment"
"The crisis laid bare the fragility of a funding model that is exclusively dependent on banks. And when this funding became unavailable, the SME sector was hit hardest. To remedy this, we need to find ways to diversify, deepen and reintegrate capital markets in Europe"