Soros calls for bank break-up

clock

George Soros has called for a radical break-up of banks which are "too big to fail".

He also backed US President Barack Obama's proposed reforms to limit the size of banks at the World Economic Forum in Davos, the BBC reports. Speaking at a private lunch, Soros told journalists Wall Street bankers opposing Obama's plans were "tone-deaf". Soros called the current economic crisis a "super bubble" that had been "generated by the system itself," and was the culmination of 25 years of "smaller bubbles" and misguided attempts to tackle them. However, Soros praised two UK regulators - Lord Adair Turner of the FSA and Bank of England governor Mervyn King - for understandin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Why the Bank of England needs to stop over-sharing

Why the Bank of England needs to stop over-sharing

'We are used to the comments of central bankers moving markets'

Laith Khalaf
clock 17 October 2024 • 4 min read