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Deutsche Bank CEO Says Culture ‘Completely Changed’

Deutsche Bank CEO Says Culture ‘Completely Changed’

by Starling Insights

Starling Insights Editorial Board

Feb 09, 2024

Observations

ICYMI: At the Global Banking Summit in London late last year, Deutsche Bank CEO Christian Sewing argued that banking culture had "completely changed" since the Global Financial Crisis.

Dismissing Credit Suisse as an exception, Sewing asserted that "all banks around the world" had changed their culture. "The risk culture and the mindset of the people changed," Sewing said. “In my view, the clear majority of the CEOs of banks now have a long-term view of stable income streams.”

Sewing called for the EU to follow the UK in lifting the cap on bankers' bonuses put in place following the Financial Crisis. "Removing the bonus cap, if this is done in most parts of the world, then this is something that we need to consider — always attached to the understanding that the risk culture in banks has clearly changed," he said.

Given that conduct scandals continue to plague the financial sector, it may lead some to question whether culture has truly improved to this degree. In July 2023, Starling Insights, in partnership with the Chartered Banker Institute, published a Deeper Dive discussing the global progress made in the management of culture and conduct risks as a result of post-Financial Crisis reforms. ▸ Read More

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