The New York Fed began its exploration into the role of culture in financial services in 2013, in response to "evidence of deep-seated cultural and ethical failures" within the industry.1 In the years since, the persistence of unethical behaviors at financial services firms has only reinforced the organization’s commitment to the initiative. As New York Fed President and CEO John Williams recently noted, “culture is both the hardest and the most important thing to get right. Culture is at the heart of behavior and norms, and the single most important factor driving the decision-making of employees. It’s not an exaggeration to say that culture is critical—both when things go right, and when they go wrong.”2 The New York Fed will thus continue to train the industry’s focus on this topic.
From the start, the long-term goals of the New York Fed’s culture initiative have been threefold:
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