G30-Banking Conduct and culture

Banks and banking rely on trust. And while trust takes years to establish, it can be lost in a moment through failures caused by problematic ethics, values, and behaviors.

Events that precipitated the global financial crisis and the subsequent issues that have emerged have revealed a multitude of cultural failures. This report recognizes that problematic cultural norms, and subcultures within large banks, have caused widespread reputational damage and loss of public trust. These events have been economically costly to firms in terms of fines, litigation, and regulatory action.