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Opening Remarks at Reforming Culture and Behavior in the Financial Services Industry
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Opening Remarks at Reforming Culture and Behavior in the Financial Services Industry

Expanding the Dialogue

William C. Dudley
Federal Reserve Bank of New York, 2016
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Editorial Rating

7

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Recommendation

Several high-profile debacles and scandals have made it difficult for the financial services industry to shake a reputation for dishonest, clandestine behavior. In a recent speech, William C. Dudley, the president and chief executive officer of the Federal Reserve Bank of New York, offered his views on why this reputation exists and what could change it. Dudley asserts that instead of spending billions of dollars on fines and legal fees, firms should use that money to improve current practices and restore the public trust. getAbstract recommends this important text to risk managers and professionals in the financial services industry.

Summary

A spate of ethical violations, as well as concerns about embedded cultural practices, have “eroded the [financial] industry’s trustworthiness” in the eyes of the public. Instead of paying fines for bad behavior and incurring substantial attorneys’ fees, financial services companies could be allocating those resources to operations. Improved reputations would attract talented people to the sector and help boost the economy by increasing credit and spurring economic growth. Financial institutions need to establish better incentives and enhanced ...

About the Author

William C. Dudley is the president and CEO of the Federal Reserve Bank of New York.

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