Some 90,000 bankers in the Netherlands are now required to take an oath pledging integrity, an effort to help restore confidence in the financial industry. Other proposals are being considered in countries and industries where employees are being asked to publicly reaffirm their commitment to a code of conduct. Columnist Gael O’Brien says such oaths are fine but not enough; what’s needed is strong, consistent corporate leadership that shapes enduring ethical cultures.Full Story»
A new survey of the U.S. and U.K. financial services industry finds that the upswing in financial markets in the wake of the global recession hasn’t done much to improve public perceptions of leading financial institutions – mainly because the underlying behavior of those working in the industry has worsened over the years.
As the Federal Reserve Bank of New York moved to beef up its oversight of Wall Street two years ago, the team charged with supervising the nation’s largest bank, JPMorgan Chase, was in turmoil. Fed examiners embedded at JPMorgan complained about being blocked from doing their jobs. In frustration, some requested transfers.
Two leading consultants say companies must create lower risk environments for fraud. To do so, they argue, organizations first must understand their own corporate ecology — the interrelations between people and their workplace — and tailor controls to the nature of those systems.
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