Carney Warns U.K. Banks Must Change Conduct Amid Investigations
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Bank of England Governor Mark Carney said banks must change their behavior as regulators overhaul benchmarks such as the London interbank offered rate in the wake of manipulation scandals.
“Banks must recognize that only exemplary behavior can confer social license to global financial capitalism,” he said in a speech today at the annual meeting of the World Economic Forum in Davos, Switzerland. “For the system to operate with integrity, penalties for misconduct cannot be seen as a cost of doing business.”