At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
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.
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.
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.
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 her own and are offered by the New York Fed to contribute to discussions on this topic.
Reforming the culture of banking is necessary to support the long-term health of our financial system. Without good culture shaped by appropriate incentives, we can’t have the consistent good conduct we should expect and deserve. We cannot continue on the present course. We know this, the public knows this and so do many in the industry. Continuing instances of misconduct highlight the need for attention to this issue and raise the question of whether the largest firms are “too big to manage.” I remain convinced, however, that when the will is there, meaningful improvement is possible.
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