Prudential boss leads the way in call for change
Tidjane Thiam, the boss of financial giant Prudential, has today declared that the whole of the UK financial sector needs to change to ensure the crisis the UK is now leaving is not repeated in the immediate future. There is now a greater push for change in the UK financial sector and we are starting to see big names and big business realise the time has come!
These calls for change will be music to the ears of Alistair Darling, the Chancellor of the Exchequer, who has been trying to curry favour with financial companies for some time. It will be interesting to see which other prominent financial companies join the Prudential boss in his call for change because ultimately the financial sector of the future looks like being very different to the financial sector we came to know in the past.
There is no doubt that the financial sector has become too powerful and too influential on the UK economy leaving governments and regulators in its wake. Ultimately it will take a realisation by financial leaders that change is required before any major movement will be forthcoming. The government and regulators do have power but do they have enough power to push through changes under their own steam? Probably not.....
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