Adair Turner

John Gapper

The coverage of Adair Turner’s Mansion House speech has rightly focused on his radical ideas for jolting the UK back to growth. But it has also added cheekily to the canon of musical metaphors about the financial crisis:

Remember Chuck Prince of Citigroup, and his comment to the FT in 2007, just before it all went bad?

“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.”

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Andrew Hill

The contrast between the rhetoric of James Gorman, chief executive of Morgan Stanley, and that of his Barclays counterpart Antony Jenkins – in interviews with, respectively, the FT and the BBC – underlines differing attitudes to the future of banking in the US and Europe.

In remarks squarely addressed to shareholders, Mr Gorman suggests jobs must be cut and pay curbed at Morgan Stanley; Mr Jenkins’ comments, on the other hand, are aimed directly at regulators, politicians and the general public.

That’s partly down to context – the BBC interview was filmed during a visit by the new Barclays chief executive to a UK glass manufacturer, part of Barclays’ campaign to show it is helping customers to export more. Here’s Mr Jenkins:

Barclays has a significant job to rebuild trust, but I’m also confident that we can. It goes back to what we do: if we serve customers and clients, day in and day out, in a way that people perceive as socially useful, then we will rebuild that trust.

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