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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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Have Australia’s Banks Improved Their Behavior?

Have Australia’s Banks Improved Their Behavior?

by Starling Insights

Starling Insights Editorial Board

Dec 26, 2023

Observations

Australia Hayne Royal Commission Culture & Consequences Culture & Misconduct The Costs of Misconduct Consumer Protection

In a recent Banking Day article, journalist John Kavanagh expresses concerns about the lack of progress made regarding the management of misconduct risks in Australia's banking sector.

Five years after Kenneth Hayne's Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry detailed the full extent of banking misconduct, scandals continue to plague the sector. "What has changed since Hayne is that the misconduct is less likely to be the result of venal management, and more the result of system errors that can't be fixed easily," Kavanagh writes. "But intractable system failures are just as big a concern as profiteering because the impact on customers is the same."

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