Carney Says Banks Should Focus on Customers, Not Ferraris

Banks should work to restore public trust in their operations by embracing regulatory reforms, including changes to capital levels and compensation, Mark Carney, the governor of the Bank of Canada, said.

“Bankers need to see themselves as custodians of their institutions, improving them before passing them along to their successors,” Carney said in a speech he gave to the Ivey business school at Western University in London, Ontario yesterday. “It has been said that, ‘trust arrives on foot, but leaves in a Ferrari.’”