Executives at some of the world’s largest banks on Tuesday warned the industry’s business model was facing a “profound shift” as they cautioned against the dangers of inconsistent and excessive regulation.

Stephen Green, chairman of HSBC, warned institutions that depended on increased leverage to deliver higher returns would have to change. “That model is gone, bankrupt,” he told an audience of banking executives in the City. “This is not just the end of a bubble; it’s the end of the model.”