Many major banks are failing to reform their cultures and improve employee conduct. Public trust is low – comprehensive reforms are essential and urgent. Culture is the mechanism that delivers the values and behaviors that shape conduct and contribute to creating trust in banks and a positive reputation for banks among employees, the investor community, and the wider public.
The G30, a forum of leaders in international finance, interviewed nearly 80 central bankers, banking supervisors and senior bankers in 17 countries in preparing the report. Davide Taliente, Partner and Head of Europe at Oliver Wyman, was Project Director for this study.
The report contains a wide range of specific recommendations related to actions that need to be taken by the senior managements of firms, by boards of directors and by official supervisors. The need for banks to move with urgency to comprehensively implement cultural and conduct reforms is fundamental to the safety and soundness of the global financial system.
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