Why the shadow of 2008 banking culture still lingers

'Risk assumption' still rife

The banking turmoil of the past few weeks has drawn inevitably parallels with the 2008 global financial crisis.

From a UK perspective, we can at least take heart from the fact that regulation enforced since has, broadly speaking, worked. While Silicon Valley Bank (SVB) was going belly up, the UK arm was sold to HSBC to ensure all UK tech start-ups (depositors) were protected without any risk to the taxpayer. However, that is where the good news ends. One can of course blame certain bank business models and not having strong enough regulations. The US arm of SVB probably should not have been regulated at a regional level in California. But ultimately, regulation is not the underlying issue. ...