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City practitioners together and encouraging a common cause to=emerge. Indeed, one of CityUK's key roles should be
identifying and cult=vating a new generation of sectoral leaders comfortable and credible on this ground and
encouraging them as sp=kespeople for the sector. The sector's past narrative became all togethe= too self-satisfied. It
should start with a sense of humility, acknowledgi=g its massive responsibility for economic growth and stewardship of
our assets and savings. These things ar= genuine and durable comparative advantages but only with the highest ethi=al
standards and quality of governance.
Aside from thesequestions of culture=change, it seems to us that the European issues loom very large for Britai=.
Financial regulation has already been moved to the European level, with bodies like the PRA and the FCA largely
=upervising the application of European rules. The coming year will see the=outlines of a banking union negotiated for
the Eurozone. If the UK is to r=main outside this union then it needs to do so with a clear understanding of the
consequences. The City'= often aggressive posture on regulation 'from Brussels' has sometimes =eemed
indistinguishable from euroscepticism and has often been interpreted=as such by politicians and by Brussels. In reality
the City's interests in a single market for financial service= in which Britian exercises genuine influence are much more
complex than t=is and have not been well communicated to politicians. This needs to be a =riority.
Finally, as you noted, we have to be=pragmatic about the diversity of interests represented by CityUK. The insu=ance
and fund management industries rightly resent the fact that they are often bracketed with the banks. Moreover, th=
'independent' global banks resent being bracketed with the banks that req=ired direct support from the UK taxpayer.
Even, the investment banking div=sions of global banks resent the image created by the supposed values of their
institutional trading floors= Speaking for this group of sub-sectors is not easy, especially as members=are instinctively
distrustful of each other and competitive as a matter of=course.
It is not realistic to expect the in=urance or accounting industries to sign up to a narrative of culture chang= to the same
degree as the banks, but this should not become an argument for trying to circumvent the tough ques=ions concerning
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behaviour. 'The City' is a single ecosystem and this i= how the general public instinctively understand it. Trust matters
profoun=ly to every part of the system, even if they have forfeited it in radically different degrees.
At the end of the day, politicians are looking for a vision of a financial sector and bankingsystem that fits w=th their
instinctive desire for an economy that is more sustainable, less short-termist, less leveraged and more focu=ed on
productive investment. CityUK's challenge is addressing this appet=te for change and renewal without accepting the
simplistic view of finance=held bysome in politics and the media. This is actually a fascinating challenge, probably the
most important faci=g the UK and our future economic strength.
I look fo=ward to continuing this conversation with you and your colleagues after th= holiday period.
Very best=/span>
Peter&nbs=;
=0:p>
Chairman</=>
Knightsbridge Green, London SW1X 7NW<=b>
www.global-counsel.co.uk <http://www.global-counsel.co.uk/>
Disclaimer
This email and any attachments to it may be confidential and are intended s=lely for the use of the individual to whom it
is addressed. Any views or o=inions expressed are solely those of the author and do not necessarily rep=esent those of
Global Counsel LLP. If you are not the intended recipient of this email, you must neither take=any action based upon its
contents, nor copy or show it to anyone. Please =ontact the sender if you believe you have received this email in error.
Gl=bal Counsel LLP is a limited liability partnership registered in England with number OC359787, registered office =7
Farm Street, London WU SRJ.
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From:
Staley, Jes
Sent:
Friday, January 7, 2011 1:32 PM
To:
ileevacation@gmail.comi
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From:
Sent:
Thursday, February 18, 2016 1:58 PM
To:
Jeffrey E.
Subject:
RE: Re:
By the way — I have been using those Spa Gift cards you have given me — what a gorgeous place and wonderful services —
I think of you as I am having my facials!!!
From: Jeffrey E. [mailto:jeevacation@gmailcom]
Sent: Thursday, February 18, 2016 8:51 AM