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

Expanding the Dialogue

Federal Reserve Bank of New York,

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Opening Remarks at Reforming Culture and Behavior in the Financial Services Industry summary
Current practices often hinder efforts to polish the financial services industry’s image.

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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.
 

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...
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About the Author

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


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