Risk management has become a "virtuous profession" in banking, but credit standards have deteriorated badly, L.M. "Bud" Baker told bankers Monday.

Mr. Baker, chairman and chief executive of Winston-Salem, N.C.-based Wachovia Corp., spoke at the annual Robert Morris Associates conference for lenders and credit risk managers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.