Special focus: The future of banking
What lessons have been learnt? What will the optimal banking model be? And what are the next shocks awaiting the system?
The chief executives of 11 of the world’s biggest banks discuss the lessons they have learnt from the global financial crisis, their concerns over a regulatory backlash, and how they plan to rebuild profitability in the toughest markets in history.
Vikram Pandit, Citi
Alfredo Sáenz, Santander
Michel Tilmant, ING
Josef Ackermann, Deutsche Bank
Georges Pauget, Crédit Agricole
Frédéric Oudea, Société Générale
Herman Verwilst, Fortis
Rick Waugh, Scotiabank
Terunobu Maeda, Mizuho
Teisuke Kitayama, SMFG
Nobuo Kuroyanagi, MUFG
Before the September crisis, many banks were looking to sell non-core assets to raise capital. Now, safety in size means mergers are the order of the day. But when the market settles, will investors demand that banks concentrate on what they are good at to maximise returns?
Lawyers around the world are readying lawsuits to file against banks that sold toxic products to investors.