CEO, Davos, World Economic Forum discussed on Bloomberg Best

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Listening to bloomberg best on bloomberg radio i'm ed baxter and i'm june groso still to come we'll bring you more from davos with barclays ceo jess daily plus oversight yo dara class rochon he explains how he's rehabilitating the company's corporate image barclays chief executive jess daly is warning investors and business leaders that the mood at this year's world economic forum in davos is too similar to two thousand six when everyone thought there would never be another financial crisis he spoke about how to prevent the next financial meltdown with bloomberg's tom keene along with citigroup ceo michael corbett and harvard professor can rogoff willy missed the last financial crisis than the damage that was done globally and i do think one thing that is different this time that we need to utilize i think the the connective with the in the collaboration between regulators in academics and and and publicly firm and investment firms and banks is that a whole nother level them than it was precrisis you go back to two thousand five thousand six bank would meet with the fed may be once every quarter uh uh today we have the you know the bank of england has been that the iranian sphere there in the bank every day in the christian this better more focused on a call and i think in both sides of the atlantic the degree of integration or or or work between the regulators and the banking community not only to fix what happened last time but now i think as most of the corrections through bank regulations have occurred it really is we need to work laboratory with our regulators to what the next crisis he'll on one level pre two thousand eight and an an and two thousand nine the regulators what they're just bear witness and if something went on they would use their ability to bring the big bank in northern is something in order to shut up course correct the economy uh real time today the the political body have pulled the regulators i wanted to regulate the systems distressed after what not so you avoid the next financial crisis no might some almost forty years could finance we never of whether the next financial crisis it's so and so what i think is incumbent upon banks and firms then and academics is to work collaboratively with regulators towards vital for the next financial crisis because lightly so the political cost that the banks have endured because of what happen 10 10 years ago been very high so i think we all need to sit down and forums like this and even though it's all rosy and whatnot and.

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