Chastened by some $321 billion in penalties for various misdeeds, the financial-services industry has been forced to change its practices and become more accountable. Even as big banks come out of the cold, the question will be whether they’ve learned their lesson.
“They talk the talk,” said Peter Richardson, the London-based managing director of financial services at Protiviti Inc., a consulting firm. “In some organizations we have not seen them tackle the basic underlying assumptions that drive them to do what they do when your back is turned. I fear that may cause problems in the future.”
This article was provided by Bloomberg News.