Stephen Green, chairman of HSBC warned institutions that depended on increased leverage to deliver higher returns would have to change. "That model is gone, bankrupt," he told an audience of banking executives in the City. "This is not just the end of a bubble; it's the end of the model."
It's taken him a while to notice. Some of us were a bit higher up on the wave. But he's getting there.
Not all bankers are:
John Varley, chief executive of Barclays, said there was a danger of a "plague" of regulation as supervisors and governments sought to solve "yesterday's problems".
He said: "I'm realistic to recognise the immense political pressure being directed at the supervisory system around what's happened over the course of the last 12 months and it's inevitable there will be a lot of scrutiny.
"What I am wary about is overreaction. This industry thrives on innovation and creativity and it is incredibly important that the creative juices of the global financial services industry . . . are not caused to evaporate."
It looks like he needs to open his eyes, notice what's happening all round him and take accurate note. The energy and innovation of his bank has largely gone into abuse of the tax system. Is he really surprised we're not amused an that the time has come when all, Barclays included, need to move on?