HSBC’s chairman has warned of a “growing danger” that its employees are becoming too risk-averse because they fear punishment for mistakes, the latest sign that big banks are making a fresh push against regulation.
Douglas Flint said there was “an observable and growing danger of disproportionate risk aversion creeping into decision-making in our businesses as individuals, facing uncertainty as to what may be criticised with hindsight and perceiving a zero tolerance of error, seek to protect themselves and the firm from future censure”.
His comments, while reflecting a widespread concern in the industry over the effect of regulation on business performance, are a rare public airing by a senior banker of this highly-charged issue.
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