Bank Chiefs Discuss Response To Regulations At Davos (BAC, UBS, DB)

Bloomberg reports that chief execs of some of the biggest banks in the world met at Davos on the sidelines of the ongoing World Economic Forum. The objective was to find ways to respond to the challenges posed by governments and regulators.

Some of these bank leaders included Brian Moynihan of Bank of America Corp. (NYSE: BAC), Oswald Gruebel of UBS (NYSE: UBS) and Josef Ackermann of Deutsche Bank AG (NYSE: DB). This was in response to moves by President Obama to limit the influence of banks, control their size and also stop investments by banks in private equity firms and also hedge funds. This move is not just limited to the US, however; even President Sarkozy of France came out in rare support of this particular US policy. No wonder banks worldwide are worried.

“We’re trying to figure out ways that we can be more engaged,” Moynihan said in an interview after he left the meeting with about 30 financial CEOs. “Because, honestly, we were not considered to be the right kind of people to talk to for the ideas on how to fix this thing.”

When bankers start thinking they are Gods (Lloyd Blankfein thought he was doing God's work), it just gets a bit too difficult to talk sense to them. Maybe that is why regulators and governments are wary of bankers right now.