Australia

Banking culture takes ‘time, attitude’ to change

Banking culture takes 'time, attitude' to change

Banking culture takes time and an attitudinal shift around incentive structures to change, according to Chairman of the Economics Committee and Liberal MP Tim Wilson. “The issue, as much as it’s about legislation, is actually the internal culture within banks and that is what came out strongly in the Hayne royal commission,” Mr Wilson told Sky News. “And they’re already taking steps around reforming their internal incentive structures all the way down to the branch level. “We’ve already seen heads chopped at the tops of banks or some resignations because of misconduct. “So I think we are at the end of that phase. "But culture doesn’t turn around, it takes time and it takes an attitudinal shift around incentive structures within banks."

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