Banks are 'better' after reforms, says Deutsche chief
Banks are better off for most of the new regulations that have been introduced in the wake of the financial crisis, according to the boss of one of the world's largest lenders.
"The bulk of regulatory reform was much needed," Deutsche Bank chief Anshu Jain informed delegates at the World Economic Forum's annual meeting.
"Did banks have enough capital for the risk they were carrying? No, I would say not."
Jain said that lenders would have changed their models in time but was unclear whether "we would have moved as fast or by this quantum".
Regulators on both sides of the Atlantic have reined in over-the-counter derivatives, business models that strayed into proprietary trading and private equity and boosted capital requirements.
Some banks, such as JPMorgan, are still under pressure to break themselves up.