City must learn it costs nothing to say sorry

Hard-faced investment bankers and their ilk were hard to like even in the good times. Estate agents used to say they could tell when a banker was on the phone. The client would discuss sensitive family transactions with all the emotional engagement of a trader weighing up a credit derivative transaction.

Our survey today suggests there is still very little sense of mea culpa among the majority of the 300,000 or so who work in the financial services industries of the City and Docklands - and that could be dangerous.

Of course, individually, most were not responsible for the recession. But to carry on as if nothing has changed is bound to provoke public fury. The danger is that without a greater acceptance of blame, a willingness to embrace change and yes, perhaps the expression of a simple apology, politicians will be stirred into ever more draconian regulation by the anger of the electorate. Some bankers do seem to "get it" - Stephen Green at HSBC is an honourable exception - but most do not.

The City is a huge asset to London and the British economy. Its earnings keep the trade deficit in check and its taxes stop the public finances getting in an even worse state than they already are. Lord Griffiths is right in one sense, it would benefit nobody to kill the goose - however unattractive - that lays this golden egg. But the City needs to box clever if it is to save itself from itself.

Bankers of all people should know this bonus season that to say "sorry" cost nothing.