Mervyn Davies, vice chairman of Corsair Capital LLC and former chief executive officer of Standard Chartered Plc, comments on bankers’ pay. He spoke in an interview with Bloomberg Television in Hong Kong today.
“I think the crisis has highlighted the industry was a sick industry, was paying too much and it was out of touch with society, so the reality is that pay levels would have to come down.
‘‘Maybe it’s more of a Western phenomenon than a Hong Kong or an Asian phenomenon, but society is very angry with the banks, and rightly so because of the damages that have been caused.
‘‘There needs to be a new order in banking and banks have got to be responsible citizens and pay properly.
‘‘I think now you’re seeing pay levels come down. I think it is a good thing. It’s more in touch with society. And you certainly shouldn’t be paying for failure.’’
To contact the editor responsible for this story: Chitra Somayaji at email@example.com