Bank Chiefs Confirm Culture Problem

The 7th round of hearings at the Royal Commission started this week, with the chiefs of the major banks and ASIC facing interrogation. So far we’ve seen the current CBA top dogs throw their predecessors under a bus, hoping, one assumes to wipe the slate clean and be able to start afresh. But no doubt Commissioner Hayne, who said he wanted to explore with bank bosses some of the policy “issues” identified in his interim report, will not buy this conconted line from the CBA’s PR arm. There are deeper issues at play here including culture, governance, remuneration and risk management practices. The commission is forcing the finance industry to bring these issue to the light for further examination.