In the six months after Lehman, the worst affected sector – industry – suffered only 900,000 job losses. And third, these job losses hurt socio-economic groups unevenly.
More importantly, they need to promote the right culture within their organisations. Let’s be reasonable: even without explicit regulation, banks understand that knowing your customers is part of their core business. It is key for adequate risk management, and for designing and maintaining a sustainable business case. The second pillar relates to the first.