Bank scandals suggest cultural problems are industry-wide
Libor-rigging and similar misconduct across multiple firms may be the result of 'macro-cultures'
Patrick McConnell is a visiting fellow at Macquarie University’s Applied Finance Centre in Sydney
Much of the discussion concerning banking cultures following the financial crisis has taken place at the level of individual firms, and only recently has debate been considered at an inter-bank or industry level – the banking ‘macro-culture’ existing among financial professionals across firms.
Culture consists of three components:
Shared assumptions: the pattern of basic assumptions, inventedOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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