All banks are culpable for credit crisis, say bankers

A poll of bankers and finance workers in the City of London has revealed that the majority feel that all banks, regardless of their location, are to blame for the current problems in the sector.

Conducted by eFinancialCareers.com, the survey found that 41% of bankers in the City believe they are partly responsible for the global financial crisis, and blame does not lie with a single financial institution.

However, out of the 1,800 finance workers questioned, 19% feel US subprime borrowers are at fault, Online Recruitment magazine reports.

Sarah Butcher, Editor of eFinancialCareers.com, stated that some workers in the finance sector are refusing to accept any responsibility for the current crisis.

'There are still are those within the finance sector who would prefer to blame external factors,' she said.

Ms Butcher added: 'Emotions are understandably running high at the moment given the continuing flow of bad news from the sector.'

In fact, the Centre for Economic and Business Research announced yesterday that its predictions for job losses in the City during 2008 had been too conservative.