Are the big banks lost?
– Camden Fine, ICBA President, on Twitter
Yesterday, from The Financial Times: “The ethics of banking are broken.”
I can’t help but wonder if the “ethics” problem in banking today is as much a problem of largesse. Forget Too Big to Fail – are the JP Morgans and Barclays of the world too big to manage?
This was suggested during the JP Morgan earnings call Friday, with banking analyst Mike Mayo asking if JPM was “too big to succeed” – and promptly scoffed at by CEO Jamie Dimon, who commented that JPM’s size is its strength. But is might right? Ethical issues don’t come from just nowhere – sure, you hire the occasional bad egg, but the big issues are often a result of systemic failure – a lack of oversight, a culture of “looking the other way”.
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