Banks must stop focusing on finding a quick fix to boost profits in order to restore public confidence in them.
That is the opinion of Sir David Walker, the incoming chairman of Barclays, who has insisted a change away from the short-termism that characterizes the financial industry at present is needed sooner rather than later.
During a speech delivered at the Parliamentary Commission on Banking Standards, Sir David said that making quick returns and "keeping abreast of competition" have overtaken "old-fashioned concerns about integrity" in financiers' priorities.
The official - who will replace Marcus Agius in the Barclays hotseat on 1 November - went on to insist that banks should first and foremost be concerned with upholding a good reputation and "profit should come second in any choice".
"I would start by changing the remuneration structure and inappropriate incentivization," he noted, adding that the culture of bankers' pay needs to be reviewed.
By Tony Aynsley