There have been far too many instances in which bankers have not lived up to expectations. But it is also true—and I’m sure you have experienced this—that you have advanced in your careers because you have demonstrated personal attributes that anyone would be proud to possess. I mentioned before honesty, competence and reliability. You could add to that list hard work, perseverance and responsiveness. Moreover, if you are like me, your careers will have benefitted from teamwork—the good fortune to work with capable colleagues. Individual effort is essential, but success often depends as well on the contributions of others.6 Whatever list you have come up with, make sure that teamwork is among your core personal principles. I would also like to make a slightly different observation on banker ethics. What’s missing is not so much a personal commitment to good conduct, but rather a commitment to call out bad conduct observed in others. You might think it is a paradox or a contradiction to praise teamwork in one breath, and then in the next breath to call for raising the red flag when you see bad conduct in others. I do not see it that way. We hear often that integrity is a corporate value. I think what is often meant by this is honesty— doing what you say, and saying what you mean. But integrity, to me, has an additional meaning. It means operating according to a single, internally consistent set of principles.
012234  56789 6   7 7 6  ] _  i   =`896=GI <=:BDI      P  %        < .   .  1 '( .    '(   .             !     5    !  !  5  '( ! !   !  .