Bankers echo quarterly reporting concerns
Top bankers having joined the increasing vocal and influential group opposed to the European Union's proposed introduction of mandatory quarterly financial reporting.
Josef Ackermann, chairman of Deutsche Bank’s group executive committee, and John Thain, president and co-chief operating officer at Goldman Sachs, have both voiced their concerns at the value that quarterly reporting would bring.
Ackermann said that the introduction of these measures would encourage ‘short-termism’, which was one of the issues that led to ‘corporate misbehaviour’.
Echoing such comments Thain said analysts should focus on companies that offer long-term success adding that the world’s best investors would not invest based on quarter-to-quarter earnings.
The comments follow a joint statement from the Association of British Insurers and its French equivalent, which highlighted similar concerns over the EU’s proposals.