Can You Change The 'Banking Culture' ?

[mongers]

Given the Governor of the Bank of England's assault on 'banking culture' can it really be changed ?

And if so how would you go about it ?

http://m.bbc.co.uk/news/business-18642732

Bank of England head says banks must change culture
29 June 2012 Last updated at 14:42

Bank of England governor Sir Mervyn King has called for a change in the banking culture, saying that customers have received "shoddy" treatment.

He added that bank leaders had "let down" the many honest and hard working people in the financial sector.

Sir Mervyn's comments come on the day banks were found to have mis-sold financial products to small businesses.

It is the third major scandal this year, following manipulation of lending rates and loan insurance mis-selling.

Speaking at the launch of the Bank's twice-yearly Financial Stability Report, Sir Mervyn demanded immediate and far-reaching action to reform the structure and culture of the UK banking industry.

He said: "That goes to both the culture in the banking industry and to the structure of the banking industry, from excessive levels of compensation, shoddy treatment of customers, to deceitful manipulation of one of the most important interest rates and now this morning to news of yet another mis-selling scandal.
....

Also today, Vince Cable, the UK business secretary, 29th June 2012 Channel 4 News interview. Talking about small businesses being
driven to the wall by unscrupulous banks.

http://www.channel4.com/news/catch-up/display/playlistref/290612/clipid/290612_4ON_vince_29

"It is gross behaviour and yet another illustration of the greed and corruption that pervades substantial parts of the banking system."
.........
"But there is a much deeper cultural issue in institutions like Barclays Capital, they are rotten to the core"

[Admiral Yi]

And if so how would you go about it ?

I would invite everyone who thinks finance needs a new culture to pool their assets and create a bank that does it the right way.

[dps]

And here I thought that banking was a business, not a culture.

[Neil]

Start prosecuting them for their crimes.  That'll change the culture in a hurry.

[Razgovory]

And if so how would you go about it ?

I would invite everyone who thinks finance needs a new culture to pool their assets and create a bank that does it the right way.

That's sort of like inviting people who don't like the Mob to pool their assets to create legitimate businesses.

[Admiral Yi]

That's sort of like inviting people who don't like the Mob to pool their assets to create legitimate businesses.

Then Monger's question is specious.

But actually I would like to withdraw my comment.  The LIBOR rigging is fraud.  People who commit fraud should be punished.  Completely different situation than Seedy calling banks crooks for charging to print checks.

[CountDeMoney]

But actually I would like to withdraw my comment.  The LIBOR rigging is fraud.  People who commit fraud should be punished.

No take backs, dammit.  You are stuck with your DONT LIKE FRAUD START YOUR OWN BANK LULZ statement.

Completely different situation than Seedy calling banks crooks for charging to print checks.

I don't do that;  after all, I expect a premium for my custom checks with bunnies and duckies on them.

Now that overdraft nonsense, that's different.

[Warspite]

And if so how would you go about it ?

I would invite everyone who thinks finance needs a new culture to pool their assets and create a bank that does it the right way.

We already pool our assets to pay for the law and regulators, why don't we use them?

[Josquius]

Banking culture?
Hmm, I always thought bankers were more parasites than fungae.

[The Brain]

Which sector does the governor think has a healthy culture?

[Martinus]

Easy. Create a new culture but this time make sure the lab equipment is thoroughly cleaned.

[The Brain]

If you don't like the culture then stay away from banks.

[Ideologue]

Give me ten thousand bombers, and I can change the banking culture in a single night.

[Phillip V]

The root problem is one of culture and character. Not just of bankers, but all of us.
Sure, we can blame and focus on "the system" via percentages here and regulations there, but people can get around or abuse a system no matter how 'perfect' you try to make it. We can look to history and human nature.

If we want bankers to be ethical, then not only does empathy have to be developed within them, but then it must be followed with the cultivation of compassion. Empathy allows us to understand others and accurately imagine their feelings. Compassion means using that knowledge to care for others.

Such personal skills need to be trained, but there are no mental classes offered in mainstream education today; character is certainly not listed on any resume. And behavior pretty much gets set by your late twenties.

[Martinus]

The root problem is one of culture and character. Not just of bankers, but all of us.
Sure, we can blame and focus on "the system" via percentages here and regulations there, but people can get around or abuse a system no matter how 'perfect' you try to make it. We can look to history and human nature.

If we want bankers to be ethical, then not only does empathy have to be developed within them, but then it must be followed with the cultivation of compassion. Empathy allows us to understand others and accurately imagine their feelings. Compassion means using that knowledge to care for others.

Such personal skills need to be trained, but there are no mental classes offered in mainstream education today; character is certainly not listed on any resume. And behavior pretty much gets set by your late twenties.

If for your system to work you need people to act selflessly, you have already failed.