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Sam Woods:

Sam Woods: "Money Isn't Everything"

by Starling Insights

Starling Insights Editorial Board

Oct 20, 2023


In a recent speech, Sam Woods, Deputy Governor at the Bank of England and Chief Executive Officer of the UK Prudential Regulation Authority, argued that the failure of Credit Suisse made clear that "money isn't everything," as it was caused by shortcomings in governance and risk management, not insufficient capital or liquidity.

"CS ultimately failed because investors lost confidence in its ability to sustainably make profits into the future," he said. "This reflected persistent low profits, a business model that was arguably ill-suited to the post-crisis landscape, repeated and highly damaging misconduct cases and very costly risk management failures."

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