Deutsche Bank AG consumer banking chief Rainer Neske said bankers will spend a generation regaining the trust of society as many people believe they operated solely for their own gain.
“Our industry gambled away a lot of trust,” Neske, who sits on Deutsche Bank’s board, told bankers at a conference in Frankfurt today, according to a copy of his speech received by e-mail. “We’ll need to find our place in economic life and in society anew. That will take a lot of effort and a whole generation of bankers.”
Faith in banks has been rocked by taxpayer-funded rescues since the 2007 meltdown of the U.S. housing market and probes and litigation alleging they mis-sold products and rigged lending rates. Bankers can show their value by advising Europe’s leaders on how to finance their social system and assisting companies in increasing global trade, he said.
“Even long-standing clients view us with mistrust today,” Neske said. “We need to get out of our towers and enter a dialogue with all stakeholders on an equal footing.”