It is a fundamental link in the economic chain

the head of the firm for Europe, the Middle East and Africa Investment Bank explains how the crisis has changed the finance in General and Goldman Sachs in particular.

Do you share the point of view of Bob Diamond, CEO of Barclays, for whom "the time of remorse and apology" banks is over

The recent financial crisis has revealed a series of excesses, in several areas. It also revealed the key role of the banking sector in the global economy. It is extremely difficult to generate economic growth without a healthy and vibrant banking sector; so, I think that the priority is to make the banking system healthier, better capitalized and less risky. But the idea is not to eliminate the risk of the system: it would be contrary to the objective of sustainable economic growth.

The general feeling is that on the very sensitive question of bonuses, the banks have not been many sacrifices...

It is the general sense. Nevertheless, the reality is different. Since the pre-crisis, the overall level of remuneration has declined and the part they represent in the expenses of banks is also reduced significantly. The debate in particular on the structure of the remuneration and the search for a healthy alignment between remuneration and health in the long term of the system. I think that this is a very good debate. A very important part of the remuneration of our bankers is equity in delivery deferred over the long term and with clauses return or "claw-back". Moreover, given the finance and the Bank are global and mobile, homogeneity and coherence at the global level on this subject are very important. "Regulatory arbitrage" is to be avoided, because it would disadvantage the regions with the most restrictive regulations. Governments, regulators and industry players, good intelligence since the crisis work to find the best solutions, and I find that significant progress has been made in this area.

Rumours have lent intend to Goldman Sachs to leave London a few months ago...

These rumors are completely false. London is, of course, one of our key centres of activity and Europe represents a very important part (approximately 30) of our activities.

Some believe insufficient current regulatory changes. That their answer you

The Act Dodd-Frank and regulatory initiatives around the world are, on the contrary, major structural reforms. It's subjects often very technical and it will take time for their implementation, which, as an important actor, we participate actively. But, fundamentally, the role of investment banks and their primary function, intermediation and the allocation of capital between the actors who have money and those who need it, not change. It is a fundamental link in the economic chain. Our professions may seem complicated, but our primary function is simple: we all, in this area, sinned because pedagogy.

Is there not a risk of regulatory arbitrage US banks seem to not be pressed to apply Basel III.

Basel III provides for a gradual implementation, to arrive at a regime of cruise at the end of this decade. In about us, we apply well obviously all the standards in force. It is interesting to note that there is a strong regulatory debate in Europe and the United States, but much less in Asia, while the weight of Asia as the world grows rapidly.

Do you believe that the Universal Bank model be good in the post-crisis world

I believe more in the quality of management, the quality of risk management and the healthy nature of the strategy of a Bank rather than its model. The crisis has also shown that commercial banks, investment, retail or universal, small or large, local or global, have been affected, demonstrating, in my view, that is not the subject.

Despite the crisis, Goldman Sachs remained a pure Investment Bank. Finally, for you, nothing has changed

It is false. Many things have changed: we have considerably increased our own funds, maintained a high level of liquidity, reduces the effect of leverage and the size of our balance sheet and, more generally, the level of risk. We continue to have a strategy of development of our existing businesses. We want to be Goldman Sachs in more geographies around the world.

Critics including Goldman Sachs have an impact on your relationship with your customers

We took these issues very seriously, because the relationships with our clients are at the centre of everything that is done. We became aware of what was to evolve and change: this is why we recently conducted a comprehensive review of all our activities and practices, which led to the publication of a report, January 11, advocating the implementation of 39 recommendations. Two hundred of our customers around the world have been linked to this effort. Today, the absolute priority is the implementation of these recommendations.

In the end, what will have Goldman Sachs culture evolved

Goldman Sachs is one hundred and forty-two years and the ingredients of its success must be protected and developed: rule of the client, search for excellence in the exercise of professions, working as a team, effective communication and permanent. Our main message today is that of a "re-engagement" with our customers, because external perception became different, for a series of reasons. A concrete example of change already implemented is different segmentation and more detailed results, where the separation of our client activities and "own" allows a better reading of our activities and especially highlights the predominance of client activities.

The entire interview on lesechos.fr