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Barclays chief: financial crisis threat looms to 2020
by Danielle Levy on Jan 23, 2014 at 07:47
The threat of another financial crisis is likely to loom until 2020, Barclays chief executive Antony Jenkins has warned.
Speaking at Davos, the Telegraph reports that Jenkins (pictured) has cautioned that banks are not the only threat to the global financial system.
He said there is still work to be done in spite of increased regulation across the banking system, warning that the focus should not be on banks alone.
'It is very difficult to argue the financial system is not safer than it was in 2008, the question is how much safer,' Jenkins explained.
'Levels of supervision are more favourable…the emphasis that institutions place on culture and conduct has reduced the probability that the events of 2008 will be repeated. But it does not eliminate them. We still have a significant amount of work to conclude – this will not happen until close to the end of this decade.'
Jenkins, who took charge of Barclays in 2012 after the Libor crisis added: 'If we don’t take a systemic approach, we could fight yesterday’s war only to find it move to another part of the financial system. The system is safer, but it needs to be safer yet, and societies around the world need to decide through a democratic process how we balance safety and soundness with capacity.'
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