Bankers must learn their lessons

It is with interest that I read that the chairman of HSBC says that the entire banking industry “owes the real world an apology”.

It is, of course, the only interest we will get out of the banks these days, as interest rates on savings are so low!

Stephen Green said to BBC World Business Report that a cultural change was needed to improve bankers’ standing with the public. He admitted that the global banking industry owed the real world an apology for the financial crisis and said: “It also owes the real world a commitment to learn the lessons. Some of them are about governance and ethics and culture within the industry.”

“The lessons” could turn out to be the most expensive ever given. Let’s hope they are learned.

If small businesses made the mistakes the banks did, they would go under – no question, no comeback, no rescue.

In the main the banks have been protected by various government bail-outs around the world.

That the Americans let Lehman Brothers go under could be the most salutary lesson of them all.