Collusion in tax evasion, manipulation of prices for precious metals and scandals in foreign exchange trading —a long list of well-founded concerns have once again been hurled at a number of banks in recent days.
It is a list that speaks volumes about the state of a once so self-confident industry. And which has also prompted the well-worn litany of reactions from the banks’ executive suites: It’s a matter of old cases from the past. Investigations are proceeding apace. And what’s more, the affected areas of business have already been completely reformed, eliminated or subjected to significantly stricter controls.
So everything is hunky-dory at the financial institutions, the change in corporate culture is well under way — or so you might think.