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I have nothing against investment banking, but it's like massaging money rather than creating money.

There's more honor in investment management than in investment banking.

What we prefer to do is operate our investment bank in a way that is like what investment banks used to be, which is a middle man - someone who is here to match people who need capital with people who have capital - and not position ourselves at the center of that by taking big positions on a trading stance.

We don't think of ourselves as a regional investment bank. We think of ourselves as merchant bankers with clients all over the country.

Banking's a sexy industry! Creative - it's dynamic, it's global, it's fast-moving, you bring a lot of talented people together!

The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.

At its core, banking is not simply about profit, but about personal relationships.

Commercial banks are very good for certain businesses, like loans and guarding other people's money. They're not great investors or entrepreneurs.

Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.

The business of a bank is to lend money; which amounts, nowadays, to lending credit.