ICI chief attacks aggressive bankers
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.AGGRESSIVE, overpaid bankers were attacked yesterday by Sir Denys Henderson, chairman of ICI, at a meeting of the world's most senior bank executives, writes Peter Rodgers.
Sir Denys told the International Monetary Conference in London that some banks welcomed volatility in the markets because it 'generates excitement and the prospect of large, instant gains', but this usually ended in tears for bankers and clients - as it did in 1989.
He said only successful, youthful merchant bankers seemed to benefit from the turbulence, through what he called the 'excessive personal rewards which are so hard to justify by the normal standards of industrial remuneration'.
Sir Denys, a non-executive director of Barclays, said that when he became chairman of ICI in 1987, he was 'astonished by the never-ending flow of advice, mainly about novel financial instruments and sparkling acquisition prospects which it was suggested I dare not ignore'.
He said these were often kites that were being aggressively flown, but as the 1980s became more frenetic it also became increasingly difficult to find advisers who were reasonably objective.
He called for a balance between objectivity and peddling what he called the deal of the day.
Bankers should also work harder to understand their clients' businesses, he said, and take a long-term supportive stance through fair and foul weather - which he saw as the normal model in the Asia Pacific region, particularly Japan, and in Germany.
Sir Denys said: 'I believe firmly in long-term banking relationships, where trust, loyalty and an appreciation that each party has a need for profits can be built up bilaterally over a period.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments