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On November 23, 2015, Federal Reserve Bank of New York Executive Vice President Alberto G. Musalem delivered remarks regarding the New York Fed's initiatives to endorse a positive banking culture.
On November 23, 2015, Federal Reserve Bank of New York Executive
Vice President Alberto G. Musalem delivered remarks regarding the
New York Fed's initiatives to endorse a positive banking
culture. Mr. Musalem explained that the New York Fed's interest
in reforming culture is a product of events since the financial
crisis, including recent incidents of misconduct such as the
manipulation of LIBOR. In his speech, Mr. Musalem offered three
messages to the banking industry: (i) cultural problems are the
banking industry's responsibility to solve; (ii) a bank's
implicit norms – especially those reinforced through
incentives – must align with the public purpose of banking;
and (iii) the aim of reforming bank culture should be to restore
trust.
Mr. Musalem delivered his remarks at an event hosted by the
Goethe University of Frankfurt's Institute for Law and Finance
titled "Towards a New Age of Responsibility in Banking and
Finance: Getting the Culture and the Ethics Right". His speech
is available at: https://www.newyorkfed.org/newsevents/speeches/2015/mus151123.
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