Do the big global banks need to be cut down to size? That question has been hovering, half-stated, over the financial system ever since Bear Stearns blew up.
But until this week, most policymakers were reluctant to attack the big banks too publicly, in terms of size. After all, this has been the decade when global leaders – or the infamous “Davos man” – worshipped at the altar of free-market capitalism, globalisation and innovation.
Inside the Davos creed it was long assumed that private sector banks had the right to be as big as the market would bear, since scale was supposed to make finance efficient, and thus better able to promote innovation.
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