GUEST COMMENT: How investment bankers can apply the principles of Zi gong

The financial services industry is integral to daily lives. There are the obvious things like bank accounts, cash points, mortgage providers and car insurance. More than one million people work in the UK financial services sector, which accounted for more than 10% of UK economic output in 2009.

Ostensibly, this sounds like an industry you'd be proud to be part of. Needless to say, however, the financial services sector has become a pariah.

This is wrong. The financial services sector provides growth and jobs that are vital to the UK's economic recovery. The opportunity now is to rebuild and re-establish confidence in this vital sector. It should retain the culture of excellence and innovation that the UK is recognised for as a global financial services centre, along with a strong moral code that shows it 'can do the right thing'.

What does this mean for financial services?

There is a philosophical paradigm known as the 'golden rule'. It has been repeated throughout history in various guises and religions in a variety of expressions, but here is its first appearance that I know, some 2,500 years ago.

Zi gong (a disciple of Confucius) asked: "Is there any one word that could guide a person throughout life?" The Master replied: "How about 'shu' [reciprocity]: never impose on others what you would not choose for yourself?"

This highest consideration helps to nail down what 'doing the right thing' really means. After many years observing financial services, I really do see a chance to do the right thing and reclaim the high ground. The challenge now is to chart a new course and create a new vision.

Chris Cummings is CEO of TheCityUK, an independent membership body for promoting the UK-based financial and related professional services industry.