Manchester Business School professor presents seminar on banking reform

Entitled, *'What kind of banking reform is needed for a stable financial system? Rethinking shareholder value driven bank business models', Professor Erturk will contextualise the causes of the financial crisis in a financialized world economy, discuss the role of financial innovation in today's finance, evaluate shareholder value driven bank business models and their impact on financial sustainability and stability, and look at the key aspects of the kind of banking reforms needed for socially useful and stable finance

The policy and media debates on banking reforms took a new turn in the summer of 2009, almost two years after the financial crisis started.

Bankers' arguments for back-to-business-as-usual fail to convince the broader finance and business communities and the regulators.

This presentation will discuss the structural and conjectural aspects of the financial crisis based on the research output of Professor Erturk and colleagues produced over the last four years at CRESC, The University of Manchester.

The research is internationally recognised as a cutting edge approach to finance under the title of 'financialization'. In the various research and policy output, including a note to the U.K. Treasury Select Committee, we critically evaluated the role of shareholder value driven bank business models in a financial crisis that encourage proprietary trading in investment banking and aggressive marketing in retail banking. In this presentation, Professor Erturk will also discuss the social use of finance and who benefits from financial innovation.

Ismail Ertürk joined Manchester Business School in 1987 and teaches global banking, finance, financial innovation and international financial risk management on the MBA Programmes and Executive Centre courses. He has acted as Course Director of banking programmes for major banking groups and has wide teaching experience with international managers and companies, and held visiting positions at international institutions.

Ismail has also worked in a consultancy capacity for the U.K. Department of Trade and Industry, U.K. Customs and Excise; the Central Bank of Turkey; UCB of Belgium; and Replus of London. He is currently consultant to the Metropolitan Municipality of Istanbul, the European Capital of Culture 2010, on cultural and creative industries.

Currently, he is involved in research on financial innovation and banking crisis under ESRC funded CRESC (Centre for Research on Economic and Social Change), the University of Manchester. His current research interests are financial innovation, banking, financialization, cultural economy, corporate governance, executive pay.

Ismail has recently appeared in the media discussing the financial and economic crisis, including BBC, Bloomberg TV, CNN, Channel News Asia, Russia Today.