PwC discusses Bank Culture: It’s About More Than Bad Apples

The US Federal Reserve (Fed) again expressed concerns about the culture at financial institutions this month.[1] This has been a recurring theme since the financial crisis, as regulators in the US and abroad have hit industry players with steep fines for employee misconduct. Since 2008, the largest global banks have cumulatively paid out over $300 billion in fines, with US banks paying about half of that amount.

EU and UK regulators have been the most active in pushing banks to address their culture weaknesses.[2] The EU has introduced new rules limiting bonuses paid to senior employees that are … Read more