I attended last week the conference on Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform organised by Queen Mary/U of London with representation or participation by representatives from the G30, FSB, the Fed, BBA, the Dutch Central Bank, and others. Thanks to my friend John Taylor and his colleague Dr Costanza Russo and others for organising a very topical event. The Keynote Address was provided by Sir David Walker with further panels held on what banks can do to improve culture, the role of self regulatory bodies, and the overarching issue of how to identify and measure culture. Further areas of table discussion included whether or not culture could be regulated, the role of asset managers/market discipline, and how KYC was impacting global banking in the context of transaction banking.
The Culture Clash story however continues, with the Weekend FT reporting that banker's claims of now being a chastened bunch may be premature, pointing to last week's announcement by seven big banks to settle more rate rigging violations, including JP, BoA and CS for a total of over $300 million. It continues with JP being put on a new "name and shame" list for activities relating to Chinese mainland new issues in Hong Kong. And of course in early May the UK authorities found systematic failings at DB as news emerged over infighting at senior levels around past handling of conduct issues at the bank. This topic of bank conduct and culture has a long run left in it....
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