Referring back to Derville’s earlier remarks, whether you believe it is a case of rooting out the bad apples or addressing the rottenness of a whole barrel, it is evident that we need greater diversity of the leaders in the financial services industry and a cultural shift in the how the industry is run.
Meaningful cultural change should prevent financial services firms from flying too close to the sun and instead, striving to be ahead of regulation and supervision in a positive way, before legislation and regulation forces them to change. Truly serving the needs of the economy and consumers over the long term not only requires learning from and addressing the sins of the past.