What does it take to be a good bank?
On September 15th 2008 Lehman Brothers became the largest bankruptcy in history. In the same year, hundreds of billions were spent on taxpayer bailouts. It marked a global recession that markets are still recovering from today. It was clear that banks needed to change.
In response, The Economist Group decided to bring together experts to ask the critical question: “What does it take to be a Good Bank?”
Rather than provide a blueprint, the Good Bank initiative has provoked debate with the hope of finding common ground for change. The discussions revolved around what are seen to be the pillars of a Good Bank: Effectiveness. Trustworthiness. Innovation.
“The Good Bank provided an excellent forum for open debate and meaningful analysis from all parties involved. Financial services are vital to economic growth and opportunity. Globally, we need banks to play a positive, involved and responsible role. This programme brought together leading figures in the banking sector, experts and academics, bankers and regulators. The good news is that there are some surprising areas of agreement as well as lingering conflicts. Significant steps have been taken in the last five years; both from internal realignments and due to reforms imposed by tighter regulation, but it will likely still be a long path for banking to fully regain a place of trust.”
Brian Gardner, Senior Editor, The Economist Intelligence Unit
Discover the full program by clicking here.