Does all Profession need a tighter leash. Are all bankers liars? Of course not.
Then again … in an experiment recently published in the scientific journal Nature, bankers distinguished themselves by their dishonesty. Asked to report the results of unsupervised coin flips in return for financial rewards, bankers bent the truth more than any other group
This feeling is not new. By the industry’s recent standards, 2014 wasn’t particularly remarkable in terms of bankers breaking the rules. And that’s the problem. The steady stream of scandal at big banks this year may have finally exhausted remaining goodwill that those outside of banking had for people inside of it. This could be the year that any remaining trust was lost.
Standard Chartered is creating a “Financial Crime Risk Committee,” a board-level group of bigwigs that will monitor the bank’s compliance with “anti-money laundering, sanctions compliance, and prevention of bribery, corruption and tax crime.” All banks have compliance departments, naturally, but few with as big a staff or as much executive clout as Standard Chartered’s.
Quarter after quarter, banks often spend as much time discussing litigation as they do on their core businesses
In banking, “innovation” has become a byword for dangerous, destructive complexity