Carsten Kengeter, the chief executive of investment banking at UBS, last night gave a light-hearted talk at the London School of Economics during which he touched on his own career in finance and discussed the challenges banks face in the post-crisis world.

In relaxed mood, Kengeter played to the audience by quoting economists Keynes and Hayek, showing no particular bias to their competing schools of economics. Here are some points he made in conversation with director of the LSE and former deputy governor of the Bank of England Howard Davies: