Major banks have steered clear of an influential property conference in Cannes this week as the industry struggles to shake itself of concerns about behaviour in the wake of the Presidents Club scandal.
Neither HSBC or Bank of America Merrill Lynch (BAML) have a presence at the MIPIM conference this year, having previously sent a number of members of staff to the week-long event.
Sources close to the banks have suggested that there is a nervousness about being seen to be encouraging spending that could be perceived as excessive. MIPIM is known for its lavish parties, many of which are held on yachts.
