Corporate Culture and Individual Responsibility in Banking

Abstract

It is ten years since the most serious banking crisis in generations and one that imposed enormous economic and social costs on a wide range of stakeholders. Along with other forms of misconduct trust and confidence in banking has been eroded: there is market research evidence that the reputation and esteem of banks has been badly affected. In the words of the authoritative Group of Thirty: “the reputation of banking and the broader financial sector has deteriorated since the financial crisis and is now at an historical low in terms of trust on the part of clients and customers”. The impact on trust is also seen in the Edelman Trust Barometer 2017.