Douglas Hodge, chief operating officer at PIMCO, told participants at SIFMA's Annual Meeting that financial services firms need to refocus their efforts to serve clients in an effort to gain back trust and help sidestep another crisis. "We have a trust deficit," Hodge said. "We have to quit screwing up [and] hold ourselves to higher standards of conduct." Hodge emphasized the need for stewardship to be the industry's guiding principle. Read Hodge's full remarks.