Union calls for more regulation of banks

A British trade union has called for urgent intervention in the financial services sector to restore confidence in the industry and protect its long-term stability.

Unite, the UK's largest trade union with thousands of members working in the financial services sector, wants an immediate assessment of the weaknesses and risks in the sector.

‘The lack of trust in the sector is directly impacting workers in the industry as companies make thousands of job cuts to make short-term cost savings,’ said the trade union.

Graham Goddard, Unite deputy general secretary said: ‘It is apparent that the free market system has completely broken down. Confidence in the financial services sector has been shattered.’

Unite expressed a desire to see a stronger regulatory system in the financial services industry.

“It is now very apparent that the sector can not simply be allowed to continue to regulate itself.

‘It is now very apparent that the sector can not simply be allowed to continue to regulate itself,’ added Goddard.

‘The corporate greed of large institutions has finally brought the financial markets to its knees.’

Major job losses in the sector are fundamentally caused by precarious investments and transactions by bankers pursuing large rewards, said the union.

Unite wants greater penalties for institutions that threaten job stability through dangerous exposure and investments.