Davos bankers to lobby against Obama reforms

Banking chiefs will head to Davos this week where they are expected to use the Swiss ski resort’s annual economics jamboree to quietly lobby against Barack Obama’s proposed clampdown on risk-taking and mergers.

The top management of several of the world’s biggest investment banks will attend the World Economic Forum’s meeting, which kicks off on Wednesday and coincides with the banking sector’s bonus season. It comes just days after the US president unveiled plans for the most stringent rules on financial institutions for decades as he seeks to prevent a repeat of the financial crisis that prompted costly government bailouts of banks.

Source: Guardian

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