Archbishop of Canterbury Justin Welby once defended his inclusion on the Parliamentary Commission on Banking Standards, saying: “I happen to know a bit about banking. I’ve spent 35 years looking at them.”
Welby's experience stems from his time before joining the clergy when he worked in the oil industry, rising in the 1980s to become treasurer of Enterprise Oil, an exploration and production firm that was later taken over by Shell in 2002.
Speaking to Euromoney magazine in 1986, Welby expressed doubt that the Margaret Thatcher's "big bang" of deregulation would see foreign banks taking large chunks of British firms.
"UK banks will be able to do a better job at advising people on domestic issues and where relationships are important British banks will continue to do well. I would be surprised if US banks led many domestic mergers and acquisitions."