Continued scandals at banks have led many to conclude that conduct and culture problems are not an issue of just errant individuals – “rogue employees”– nor are they idiosyncratic to any single bank. Rather, there is a growing consensus that the industry is beset by a systemic problem: this concern is not “a few bad apples” but a problem with the “barrels” themselves.1
Mark Carney is one of many regulators who have picked up on that metaphor: “the succession of scandals means it is simply untenable now to argue that the problem is one of a few bad apples. The issue is with the barrels in which they are stored.”2
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