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British bank chiefs jet to Davos summit
Jonathan Prynn and Lucy Tobin26 Jan 2009
Seven of Britain's most senior bankers are flying to the Davos economic summit renowned for its extravagant dinners and parties.
The World Economic Forum in the Swiss Alps is expected to be more downbeat than in previous years but it comes at a time of unprecedented crisis for Britain's banking system.
Barclays said two of its top executives, Bob Diamond, head of Barclays Capital, and Frits Seegers, are attending the five-day meeting, which officially starts on Wednesday.
HSBC said it was sending four executives, chairman Stephen Green, who is also one of the co-chairs of the Forum, chief economist Stephen King and two other unnamed executives.
Lloyds Banking Group, which also now owns HBOS, is represented by its chairman Sir Victor Blank, while Royal Bank of Scotland said none of its executives is attending.
The banks insisted that the travel and accommodation arrangements for their representatives were not extravagant and the trips could be justified.
A spokesman for HSBC said: “They are travelling on scheduled flights in accordance with company travel policy.”
Barclays chief executive John Varley, who is not travelling to Davos, said: “Bob Diamond and Frits Seegers should be doing business. That is their job.”
Despite the backdrop of financial crisis, the 2,500 attendees at the 39th Forum will still make it arguably the world's greatest gathering of wealth and power.
Russian Prime Minister Vladimir Putin is giving the opening address and other high-profile visitors include Gordon Brown, David Cameron, Tony Blair, Boris Johnson and Bill Clinton.
Reader views (3)
This is a scandal. It should not be necessary for anyone to travel abroad for a summit meeting. All MP's have state of the art technology bought at our expense and should conduct summit meetings via web cameras. This would save the tax payers millions of pounds in inflated expenses. If politicians want a skiing holiday they should pay for it themselves.
- Outraged, Yorks, UK, 26/01/2009 19:14
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.The terms 'snouts', 'troughs' 'greed' and 'indifference' come to mind here..
- Joannie, London, England, 26/01/2009 17:52
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Putin, Cameron, Blair, Johnson, Clinton and our esteemed leader. Plus the usurers of the universe. Well. These guys will sort out the economic problem. won't they? The first lot know nothing about economics while the second lot know too much.
- John Problem, Hackney Wick, London, UK, 26/01/2009 16:46
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