View more on these topics

Allianz Global Investors hits out at rogue investment bankers

Allianz Global Investors global chief executive Elizabeth Corley has lashed out at investment bankers claiming that too many do not care about unscrupulous behaviour, The Telegraph reports.

Corley, who also heads the new Fixed Income Market Standards Board, which was set up by the Bank of England in a bid to get the City to behave in a more responsible way, made the statement at TheCityUK’s annual conference.

She said a big drive was required to ensure investment bankers take any wrongdoing more seriously.

“One of the things we found in talking to management, legal and compliance, and audit, is that very often, people were confused about what right and wrong was,” urged Corley.

She added: “Most people in this room would say, that is ridiculous, it is obvious. But In complex, fast moving and innovating markets, and we’re talking about fixed income, currency and commodity, wholesale markets, sometimes it is not obvious.”

Corley said bad behaviour needed to become unacceptable. She said: “The way I describe it is, everyone in this room who passed their driving test knows that you don’t break the speed limits. How many people have been tempted with a clear empty road ahead of them and a 30 mile an hour speed limit to think that they know better than the limit and to ease their foot down a little bit? Most people would do that.”

At the event Financial Services Consumer Panel chair Sue Lewis added: “There is not much evidence that mega-fines for misbehaving banks change behaviour for the better.”

Standard Life chief executive David Nish noted that while fines draw attention to a problem, “just beating people up doesn’t change behaviour for the long-term.



Towry revives plans to float

National advice firm Towry is reconsidering a plan to float on the stockmarket, with insiders valuing the company at up to £800m. In 2013 Towry put its listing on ice after raising enough money through private investors, but has made a flurry of acquisitions since then. Private equity backer Palamon Capital Partners has met with […]


Osborne sets out plans to help Greece-based UK pensioners

The Government has set out plans to help thousands of Greece-based UK pensioners who could be affected by the unfolding crisis in the country. In a statement to Parliament yesterday, Chancellor George Osborne said there are 40,000 British residents in Greece, with some 6,000 receiving payments from the Department for Work and Pensions. The Greek […]


Tony Wickenden: The tax breaks boosting buy-to-let landlords

There is a very strong British love for investing in property. Owning your own home, owning a second property and investing in property to rent out (and hopefully realise a future capital gain from) are common aspirations here. All have a strong foundation in a basic belief that you cannot go wrong with bricks and […]


Andrew Tyrie demands bolstered Office of Tax Simplification

Treasury Committee chairman Andrew Tyrie has written to Chancellor George Osborne calling for a stronger, independent remit for the Office of Tax Simplification. The OTS was launched by Osborne in 2010 to identify areas of complexity in tax for the Chancellor to consider in his Budget, and the Conservatives pledged to establish the Quango on […]

Artemis Global Income: favouring Europe over the US

With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. It goes a lot further than unscrupulous behaviour, these people from their cosseted backgrounds do not care about anyone else outside of their social climbing circle.
    That’s why the World is currently like it is………….a total lack of empathy and greed are chief components in their DNA

Leave a comment