BANKERS' experience of the financial crisis could change the industry for the next 40 years, according to HSBC chairman Douglas Flint.
Mr Flint, a Glaswegian, told a Parliamentary inquiry: "Those who have lived through the last five years have a legacy of experience they will lay down for 20, 30, 40 years."
He insisted HSBC itself had reformed its culture and values. "People have left the firm because they have not embraced the values," he told the Commission on Banking Standards.
Mr Flint, along with Ana Botin, chief executive of Santander UK and Antony Jenkins, chief executive of Barclays, said they accepted plans to separate institutions' retail banking and investment banking arms. Mr Flint said: "I think we (the banking industry) have lost the right to self-determination."
It was a notable change of tone for Barclays, which had been sceptical about the ringfencing plans proposed by Sir John Vickers.
All three bankers called for "flexibility" in implementing ringfencing and said retail banks should continue to be allowed to offer controversial interest rate swaps.
A number of banks are compensating small firms who said they were mis-sold interest rate swaps which tied them into high rates.
The commission was launched in July, after Barclays admitted manipulating interest rates.
Meanwhile, Mr Flint said a decision about whether to move HSBC's formal headquarters from the UK had been deferred until 2015.
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