The world’s leading banks on Wednesday publicly accepted much of the blame for the credit crisis, as the IMF slashed its estimates for global growth, including for the UK, and warned that the US would suffer a recession this year, with growth remaining well below trend even in 2009. Josef Ackermann, chief executive of Deutsche Bank and chairman of the Institute of International Finance, has promised an industry code of conduct, but said further regulation would be “completely wrong”. The IIF, meanwhile, acknowledged “major points of weaknesses in business practices”, including bankers’ pay and the management of risk.

This entry was posted by Gwen Robinson on Thursday, April 10th, 2008 at 5:42 and is filed under Capital markets, People. Tagged with josef ackermann. Edit this entry.