'So with the new merchant banking what we get is a shift
from a world based on relationships [between bankers]
to a world based upon transactions and trading.
But trading dominated by the investment banking culture
[with] people who have no loyalty, either to their customers
or to the organizations for whom they worked.
And they are concerned to make a transaction
[whether it is] in a few hours or a few milliseconds.
And once that transaction is made it is over. It's anonymous,
their [the new merchant bankers] only motivation is to make
as much money as they can for themselves in as short an interval of time... '
-a quote broadcast by Professor John Kay speaking on the recent Radio 4
documentary 'Fixing Broken Banking '.
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