It is timely, therefore, for you to consider what type of leader you want to be, what type of firm you want to lead, and what type of industry you want to work in and influence. I have some views on all three, which we will get to in a moment. I am encouraged that members of the industry have convened here today to engage on these issues. I think it is important that the industry tackle this together. You can learn from one another. And, given the scandals of recent years, you really do have to sink or swim together. Before the recent spate of conduct problems, there were times when one might be secretly happy when a competitor stumbled through some sort of misconduct. All the better if such a stumble generated negative publicity and headlines. Today, the situation is vastly different. When each new scandal emerges, the industry is painted with the same broad brush. This underscores the importance of taking both individual and collective responsibility for reform. You have a personal stake in improving bank culture. Your firms have a stake too. And so does the industry. There are three messages I am going to focus on today: First, stay in banking and be good role models of the behaviors and conduct that we all want to see. It’s important. The banking industry needs your talents. And, if done the right way, it will result in a fulfilling career.
4 See Bogle, 45–46. 5 See What is Banking For? Remarks by Onora O’Neill, Reforming Culture and Behavior in the Financial Services  Industry: Expanding the Dialogue, October 20, 2016. 6 5/6  BIS central bankers' speeches  6 See generally Robert H. Frank, Success and Luck: Good Fortune and the Myth of Meritocracy (2016). 7 See generally Dan Awrey, William Blair, and David Kershaw, “Between Law and Markets: Is There a Role for  Culture and Ethics in Financial Regulation?” 38 Del. J. Corp. L. 217 (2013) (discussing the need for “otherregarding” norms in finance). 8 See Criminal Accountability and Culture, Remarks by Preet Bharara, Reforming Culture and Behavior in the  Financial Services Industry: Expanding the Dialogue, October 20, 2016. 9 See Adam Smith, The Theory of Moral Sentiments, Section III.1.5. 6/6  BIS central bankers' speeches