Since the collapse of Lehman Brothers and the ensuing crisis, the global financial system is safer and more robust, with stronger governance and regulation. But there remain striking differences between the structure and governance of US and European banks, which only the next crisis will truly put to the test.

Privatisation and self-regulation has created a financial services sector in the west that is rife with fraud and other criminal activity, says professor Nada Kakabadse of Henley Business School.

Research finds improvement in the ethnic diversity of talent pipeline for banking and finance, but only a marginal lift in the number of boardroom positions held by non-white directors.