William C. Dudley, President

A few weeks ago, we held our third conference at the New York Fed on reforming culture in financial services. Leading up to the conference, we shared some of what our moderators and participants were hoping to discuss throughout the day. Now that the conference is over, I wanted to take a few moments to discuss some of what we heard.

Remarks as delivered by the Hon. Preet Bharara, United States Attorney, Southern District of New York

This is being published from the New York Fed by a guest writer as part of Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue. The views of the author are his own and are offered by the New York Fed to contribute to discussions on this topic.

James Hennessy, Senior Vice President

Today we continue a conversation at the New York Fed on reforming culture and behavior in the financial services industry. The theme of today’s conference is “Expanding the Dialogue,” and we’re applying that theme in a number of ways:

Thomas H. Glocer, Former Chief Executive Officer, Thomson Reuters and Director and Chairman, Operations and Technology Committee, Morgan Stanley

This is being published from the New York Fed by a guest writer as part of Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue. The views of the author are his own and are offered by the New York Fed to contribute to discussions on this topic.

Bill Schaninger, Director, McKinsey & Company

This is being published from the New York Fed by a guest writer as part of Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue. The views of the author are his own and are offered by the New York Fed to contribute to discussions on this topic.

Stuart Mackintosh, Executive Director, Group of Thirty

This is being published from the New York Fed by a guest writer as part of Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue. The views of the author are his own and are offered by the New York Fed to contribute to discussions on this topic.

Kevin Stiroh, Head of Supervision

October 20, 2016, will mark three years since the Federal Reserve Bank of New York hosted its first conference on Reforming Culture and Behavior in the Financial Services Industry. While we have seen varied progress across the industry in addressing the issue, the persistence of misconduct and unacceptable behavior continues to raise serious questions for supervisors of financial institutions.