Banks could face fundamental reform following the manipulation of a key bank rate.
STV's Scotland Tonight heard calls for a split between risky investment banking and ordinary retail and business accounts.
Ben Thomson, a former Noble Group chief executive, said, "The culture of investment banking and commercial banking doesn't fit well together.
"Fir the past 20 years, the cutlure of investment banking and the bonuses has filtered into the commercial banking side and these two shouldn't really be mixed. It's a mistake to have commercial banks and investment banks together."
A parliamentary inquiry has been called following the manipulation by banks of the Libor rate and led to the chairman of Barclays stepping down.
John Thurso, of the Scottish Liberal Democrats, said: "I want to know why this happened. Why there was a failure of compliance. It is symptomatic of a culture of deceit and it's right at the core of big banks nowadays and we have to get back to something that's more prudential and akin to something that people want on the high street."
Alf Young, business commentator, said: "If the banks want to play that casino game and lose money, let them do it. But let them do it with their own money and lose and go bust but keep the other bit which affects every day people and their paychecks - let's leave that as a boring utility operation."
More About Scotland Tonight
- Watch a live stream of Scotland Tonight: Scotland's current affairs show
- Scotland Tonight: Is the Better Together leadership effective?
- Scotland Tonight: Should Grangemouth embrace a future of shale gas?
- Scotland Tonight: Is UKIP north of the border at war with itself?
- Scotland Tonight: How does our education system compare globally?
- Scotland Tonight: A reflection on the The Clutha helicopter crash
- STV shows interactive Google+ hangout debate on Scottish independence