Regulated become regulators

Matthew Lynn

The appointment of former CSFB European head Hector Sants to the FSA signals a shift in power in the financial services industry

Whether investment bankers are good at running businesses is a debatable point. There is, however, little question that they are good at spotting opportunities. That is why the decision by Hector Sants to join the FSA is so interesting. Sants was running the European division of Credit Suisse First Boston. There might be a few better jobs than that in the European banking world, but not many. Before that, he held senior positions at UBS Warburg and Donaldson, Lufkin & Jenrette. Now he is going to be at the FSA, and not even in the top job. He will be overseeing investment banks. That tel...