He sees the merger as evidence of the uncertainty surrounding the investment banking industry, amid regulatory reform and an uncertain global economic outlook.

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The fact that there has been no attempt to reform the banking industry shows the one-sided nature of Obama's quest for accountability.

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At the start of his first term, Obama's pick to lead the Treasury Department, Timothy Geithner, emerged from a tough confirmation fight in the wake of recession to help push through Wall Street reform as well as the banking and auto industry rescues.

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"This is an industry that the world needs... we need to reform this industry and change it, " he said and admits that banking has become "a bit detached from society" but is now "coming down to earth with a bump".

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But it is notable that Lloyd's underwent far greater structural and behavioural reform than those under contemplation - by either global regulators or the banks themselves - for the banking industry.

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In chastising the way the investment banking industry works, the New York Attorney General who led the charge against the banks, called for a cultural reform and sweeping structural changes in the way the business operates.

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