Chairman Emeritus, Paul A. Volcker
Contact: Stuart P.M. Mackintosh
Chairman of the Board of Trustees, Jacob A. Frenkel
+1 202 331 2472
Press Release Group of Thirty Calls for Fully Comprehensive Cultural and Conduct Reforms at Major Global Banks
New York, July 30, 2015: – Despite progress being made in strengthening their cultures, a number of the world’s largest banks are still failing to implement needed cultural and conduct reforms in their businesses, states the Group of Thirty (G30) today.
The Group of Thirty, a forum of leaders in international finance, called today for far-reaching banking reforms to restore public trust. It said many banks still need to implement reforms to address the ways bankers are paid, dismissal if necessary of bankers, including top executives, new approaches to hiring, and stronger roles by boards of directors to ensure cultural and conduct changes.
The report, Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform, states failure by banks to move ahead across-the-board cultural and conduct reforms could lead to still more regulatory rules and actions.
Mr. Jean-Claude Trichet, G30 Chairman and former President of the European Central Bank, said, “Restoring trust in banking is a public duty and economic imperative. Restoring public confidence needs to be a top priority for major banks and is long overdue. Piecemeal approaches are not good enough. Aspirational leadership statements by bankers must be matched by effective and disciplined implementation programs. Today, we are proposing comprehensive reforms in the approaches to bank culture and conduct that are both essential and urgent.”
Mr. Trichet added, “We know that there continue to be investigations of alleged wrong-doing by banks and that the pressures on official authorities to introduce new regulations will rise. Banks need to demonstrate the capacity to reform themselves.”