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This Will Be the Defining Moment for the Banking Industry: Expert

3:45 AM ET Tue, 3 July 2012

"The changes coming through with this crisis are going to change the perception of the city in major way and I think the City is getting a little bit slow on recognizing the scale of change and the nature of that change and how significant it is going to be over the long-term" Gervais Williams, managing director at MAM Funds, told CNBC.