But there arguably has not yet been a full recognition of the need for banks to return to what Ed Clark calls “old fashioned banking – activities that help grow their country and communities.”4 To do this, some banks may need to reconsider their values. Core values The fifth “C” – core values – is the responsibility of the financial sector and its leaders.
Their behaviour during the crisis demonstrated that many were not being guided by sound core values. Many in the wake of the crisis looked first to how compensation affects behaviour.