In a rare display of the inner workings of America’s largest bank on a subject that is perhaps the most vexing in the aftermath of the financial crisis, a senior executive from JPMorgan described how the global bank launched a firm-wide cultural reform process in 2015, involving thousands of employees and engagement of senior management. At a panel on financial industry cultural reform sponsored by Thomson Reuters, Sally Dewar, managing director and risk executive in the bank’s regulatory affairs office, said the first step on the road to cultural reform began with industry-wide recognition that it was impossible to reconcile internal complacency over existing cultures with the headline-grabbing scandals such as those in the Libor and foreign exchange markets. Something further needed to be done. This “anger, denial curve” was one that many large banks had to work through before coming to terms with the need for cultural reform, she said.
Full article; May 6th 2016, Henry Engler, Reuters