Advertisement

HindustanTimes Thu,18 Sep 2014

Global banks seek new strategy in Davos

PTI  Davos, January 23, 2013
First Published: 21:44 IST(23/1/2013) | Last Updated: 21:45 IST(23/1/2013)

The world’s top banks including the US-based JP Morgan and UBS of Switzerland said there is a need for new strategy to chart the future growth path but warned that any regulatory over-burden would work against not only the banks but also the overall economy and the common people.

Advertisement

“Banks need to chart a new strategy as it is clear from the events in recent years that the current strategy has not worked,” UBS chairman Alex Weber said here at the World Economic Forum’s annual meeting.

One of the co-chairs of the meeting, Weber said that UBS has already embarked on a new strategy. It urged other banks to do the same to address the needs of the economy and tap the growth potential in emerging markets.

Speaking at a session on the Global Financial Context, JP Morgan chief Jamie Dimon said the banks are still doing the right things, but there was lot of misinformation out there to present them as devils.

Asked whether there was a need for more regulations for banks, especially in the backdrop of trading business losses

affecting other segments like deposit taking and lending, Dimon said it is not about more, or less, regulation, but rather about right regulations.


Advertisement
more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved