Tuesday 23 May 2017

Weber warns Davos that the banks have a long way to go

Thomas Molloy in Davos

AXEL Weber, the man many had expected to become head of the European Central Bank until he resigned suddenly from the Bundesbank last year, told delegates at the World Economic Forum today that banks still have a long way to go to regain people's trust.

Mr Weber, who was bitterly opposed to ECB help for Ireland and other bailout countries, is now the chairman of Swiss banking giant UBS.

The world has gone through the worst economic collapse since World War II and the recovery is "slow and muted", he said.

Banks now need to change their banking models and regain trust. There is trust among companies but individuals still don't trust banks.

In comments that tied in closely with Bank of Ireland's television advertisements which admit past mistakes and promise a return to basics,

Mr Weber said banks must face their past.

"Face your past. Deal with your past," he urged his fellow bankers.

"We've done it with corporations. We still haven't done it with society'"

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