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

Looking for the article?
We have the summary! Get the key insights in just 5 minutes.

Opening Remarks at Reforming Culture and Behavior in the Financial Services Industry summary
Start getting smarter:
or see our plans


7 Overall

8 Importance

7 Innovation

7 Style


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.

In this summary, you will learn

  • Why the public often perceives the financial services industry in a negative light,
  • Why current compensation arrangements may not be in the best interests of customers, and
  • What financial services companies can do to promote honesty and trust in their organizations.

About the Author

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



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 ...

More on this topic

By the same author

The U.S. Monetary Policy Outlook and its Global Implications

Customers who read this summary also read

Why Wall Street Matters
Firms and Collective Reputation
The Future of Jobs
The End of Accounting and the Path Forward for Investors and Managers
The Value of Everything
Automating the Wall Street Rainmaker

Related Channels

Comment on this summary