Last week, the US Federal Deposit Insurance Corporation (FDIC) published the results of an independent review of its culture, which labeled the agency a "good ol' boys club" rife with favoritism and insularity. The FDIC commissioned the report late last year after a bombshell report about rampant sexual harassment and discrimination among its employees.
The report, conducted by law firm Cleary Gottlieb, highlighted widespread instances of sexual and racial harassment, with over 500 current and former employees interviewed. FDIC Chair Martin Gruenberg acknowledged the report's findings in an internal memo, pledging to implement its recommendations. Those recommendations included appointing an internal leader for cultural transition, hiring an external auditor to monitor progress, and implementing various other changes to policies and procedures.
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