The academic literature here is robust and copious. While there is no one accepted definition of culture adopted by the financial services industry, most descriptions tend to boil it down to the set of behavioral norms, often unspoken, that drive concrete actions, consciously or not.
In driving concrete actions among employees, culture consequently drives outcomes for firms, management, and stakeholders. Reflecting this, the Group of Thirty (G30), an international body of leading financiers and academics, defines culture as, “The mechanism that delivers the values and behaviors that shape conduct and contribute to creating trust in banks and a positive reputation for banks among key stakeholders, both internal and external.”1
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