This event built upon previous New York Fed conferences in 2014, 2015, and 2016 on reforming culture and behavior in the financial services industry. The program focused on assessing progress to date; exploring ongoing and new challenges; and preparing the next generation of leaders to continue driving cultural reform.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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Reforming Culture and Behavior in the Financial Services Industry:
Progress, Challenges, and the Next Generation of Leaders
Progress, Challenges, and the Next Generation of Leaders
The New York Fed hosted a one-day conference exploring progress and challenges in reforming culture and behavior in the financial services industry from a variety of perspectives.
Key Themes
Here are the key themes discussed at the conference:
- There is international consensus that culture is an important part of a firm’s sustained healthy performance. The industry and the official sector are increasingly collaborating across borders to promote higher standards for conduct and to address common cultural challenges.
- The reputations of firms are as interconnected as their operations. The industry must work together to address culture, as a problem at one firm affects its peers.
- Firms should avoid becoming complacent about banking culture and conduct as broader economic conditions improve.
- Organizations must assess and reform their incentive structures (including compensation, career advancement, and other forms of recognition) to align with values, business strategy, and customer interests.
- Senior leaders—boards and executives—can use a variety of methods to assess their cultures and subcultures. Supervisors and regulators can offer feedback on culture and conduct that combines independence with broad knowledge of industry practices. Boards in particular may find this input helpful.
- Supervisors in many jurisdictions are exploring how to incorporate cultural and conduct assessment into their work, although their approaches vary. Some assess culture under a prudential supervision mandate, others under a conduct mandate, and others through integration into more traditional concerns about safety and soundness, risk management, and financial stability.
- As the financial crisis fades from institutional memory, it will be increasingly important for firms to impart lessons learned from the brink to the next generation of cultural leaders. Firms can partner with universities to develop training programs that emphasize sound ethical judgment alongside technical proficiency.
Event Details
Date and Time
Monday, June 18, 2018
8:30 a.m. - 5:00 p.m.
8:30 a.m. - 5:00 p.m.
Location
Federal Reserve Bank of New York
33 Liberty Street, New York, N.Y.
33 Liberty Street, New York, N.Y.
Audience
By invitation only.
Download the attendee list
.
Download the attendee list
.Contact
Please address any questions to NY.FRB.Culture.Events@ny.frb.org.
Agenda
| 8:30am- 8:35am |
Welcome James Hennessy, Senior Vice President, Federal Reserve Bank of New York |
| 8:35am- 9:00am |
Opening Remarks Read Bill Dudley's insights on Medium. Bill Dudley, Former President and CEO, Federal Reserve Bank of New York | Remarks
|
| 9:00am-9:50am | Panel One: Finance, Culture and Society Moderator: Gillian Tett, U.S. Managing Editor, Financial Times Panelists: Bill Dudley, Former President and CEO, Federal Reserve Bank of New York Betsy Duke, Chair, Wells Fargo & Company James Gorman, Chairman and CEO, Morgan Stanley |
| 9:50am-10:10am | Break |
| 10:10am-10:45am | Presentation: New Banking Standards Board Survey Read Alison Cottrell's insights on Medium. Dame Colette Bowe, Chairman, Banking Standards Board (U.K.) Alison Cottrell, Chief Executive Officer, Banking Standards Board (U.K.) Mikael Down, Director of Policy and Analysis, Banking Standards Board (U.K.) |
| 10:45am-10:55am | Panel Introduction Bill Rhodes, President and CEO, William R. Rhodes Global Advisors | Remarks
|
| 10:55am-11:45am | Panel Two: New G30 Report on Banking Conduct and Culture Read Stuart Mackintosh's insights on Medium. Moderator: Stuart Mackintosh, Executive Director, Group of Thirty Panelists: Cathy Bessant, Chief Operations and Technology Officer, Bank of America Michael Corbat, CEO, Citigroup Roger W. Ferguson, Jr., President and CEO, TIAA Gail Kelly, Senior Global Advisor to UBS and former CEO, Westpac Banking Corporation |
| 11:45am-12:05pm | Keynote
The Hon. Jay Clayton, Chairman, U.S. Securities and Exchange Commission | Remarks |
| 12:05pm-1:15pm | Lunch (Liberty Room) |
| 1:15pm-1:40pm | Presentation: Auditing Culture Read Elizabeth Arzadon's insights on Medium. Elizabeth Arzadon, Fmr. Special Advisor, Australian Prudential Regulation Authority |
| 1:40pm-2:30pm | Panel Three: International Supervisory Approaches Read Kevin Stiroh's insights on Medium. Moderator: Kevin Stiroh, Executive Vice President and Head of the Supervision Group, Federal Reserve Bank of New York Panelists: Norman Chan, Chief Executive, Hong Kong Monetary Authority Jonathan Davidson, Director of Supervision, Financial Conduct Authority (U.K.) Jeremy Rudin, Superintendent of Financial Institutions, Office of Superintendent of Financial Institutions (Canada) Willemieke van Gorkum, Head of Division of Horizontal Functions and Integrity Supervision, De Nederlandsche Bank |
| 2:30pm-2:50pm | Break |
| 2:50pm-3:00pm | Panel Introduction Richard Lyons, Dean, Haas School of Business, University of California, Berkeley | Remarks |
| 3:00pm-3:45pm | Panel Four: Strengthening Business School and Industry Partnerships Read Will Bousquette and Scott DeRue's insights on Medium. Moderator: Michael Strine, First Vice President and COO, Federal Reserve Bank of New York Panelists: Will Bousquette, Chief Operating Officer of the Investment Banking Division, Goldman Sachs Scott DeRue, Dean, Ross School of Business, University of Michigan Jonathan Harvey, Managing Director and Global Head of Talent and Culture, Barclays Lynn Paine, Senior Associate Dean for International Development and Professor of Business Administration, Harvard Business School |
| 3:45pm-4:00pm | Concluding Remarks Read Sir David Walker's insights on Medium. Sir David Walker, Chairman, Winton Capital | Remarks
|
| 4:00pm-4:10pm | Concluding Remarks John Williams, President and CEO, Federal Reserve Bank of New York | Remarks |
| 4:30pm | Reception |
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