VIEW THE WEBCAST
THURSDAY, NOVEMBER 29, 2018
Time: 10:00am EST | 3:00pm GMT | 4:00pm CET
View the live webcast of the Group of Thirty (G30) Media Briefing on the Group’s latest report, Banking Conduct and Culture: A Permanent Mindset Change.
SUMMARY
In November 2017, the Group of Thirty (G30) constituted a working group to study the progress made in the banking industry in recent years in response to calls from the G30 and others for a sustained focus on conduct and culture reform.
Banking Conduct and Culture: A Permanent Mindset Change is the latest in a series of G30 reports on the subject of banking culture and governance. Drawing on interviews with hundreds of industry leaders, the report evaluates progress made on culture in recent years and identifies areas for further improvement in the journey for lasting behavioral changes.
On November 29, 2018, the G30 released the report of the study's results and convened a live webcast with the leadership of the G30 Working Group Leadership on Banking Culture—Chair William Rhodes, Vice-Chairs Gail Kelly and Sir David Walker, Steering Committee Member Gerd Häusler, and Project Director Elizabeth St-Onge—to discuss the results of the study and answer journalists’ questions about the report.
STEERING COMMITTEE
Bill Rhodes is President & CEO, William R. Rhodes Global Advisors, LLC which was founded in 2010. Having stepped back from full time responsibilities with Citi after more than 53 years with the institution, he most recently served as senior advisor, senior vice chairman, and senior international officer of Citigroup and Citibank before his retirement in 2010. Subsequent to his retirement, he continued to serve as a senior advisor to Citi from 2010 through 2017.
Gail’s executive banking career spans 35 years, split equally between South Africa and Australia. While in South Africa, Gail held a number of senior executive positions in the Nedbank Group. Gail served as the Group Chief Executive Officer and Managing Director of two banks in Australia – St.George Bank from 2002 to 2007 and Westpac from 2008 to 2015. In 2008, these two banks came together under Gail’s leadership in what was the largest in-market merger in Australian financial services. At the time of her retirement in February 2015, The Westpac Group was the country’s 2nd largest bank and the 12th largest bank in the world, in terms of market capitalization.
Sir David Walker served as a non-executive Director and Chairman of the Board of Barclays from 2012 until 2015. Sir David began his career in 1961 with Her Majesty’s Treasury, where, with a period on secondment to the International Monetary Fund in Washington (1969-1973), he served until 1977. From 1977-1993, Sir David held several key positions at the Bank of England where, in 1981, he became one of four Executive Directors of the Bank. From 1988-92 he was Chairman of the Securities & Investment Board and, ex officio, a nominated member of the Council of Lloyd’s over the same period. He was a non-executive member of the Court of the Bank ofEngland from 1988-1993.Sir David was a non-executive board member of the former CEGB and subsequently of National Power plc between 1984 and 1994. He was formerly Chairman of Reuters Venture Capital, Vice-Chairman of the Legal and General Group and was Chairman of the London Investment Bankers’ Association for 4 years until June 2004. Sir David joined Morgan Stanley in 1994, where he was Chairman and CEO, Morgan Stanley International, and subsequently Chairman. At the end of 2005, he retired as Chairman but remained a Senior Advisor until the end of August 2012.
Mr. Gerd Häusler is currently a Senior Advisor at goetzpartners. Prior to this position, he was Chairman of the Supervisory Board of Bayerische Landesbank, where he served as CEO from 2010 through March 2014. From October 2008 to March 2010, Mr. Häusler was a member of the Board of Directors and a Senior Advisor at RHJ International after having served the previous two years at Lazard as a Vice-Chairman and Managing Director in their Financial Institutions Group and the Sovereign Debt Advisory practice.
Elizabeth St-Onge is a Partner in Oliver Wyman’s Financial Services practice group. She leads our work with Financial Institutions in North America to understand, evaluate, measure, and refine their culture and conduct. Her expertise relates to change management, organizational effectiveness, process improvement, regulatory compliance, and corporate governance. Most recently, her work has focused on assisting financial institutions address regulatory expectations on culture and conduct.
READ THE G30 REPORT
Banking Culture and Conduct: A Permanent Mindset Change
As part of our ongoing collaboration with the Group of Thirty, Oliver Wyman and the G30 have produced a new white paper: Banking Conduct and Culture: A Permanent Mindset Change.
2018 marks the tenth anniversary of the global financial crisis. Since then, the industry has devoted significant time and resources to understanding the underlying causes of its cultural breakdowns, and to implementing reforms needed to address the issues. And yet, throughout the last decade, and despite significant efforts, the industry has continued to be dogged by conduct scandals and failures of culture and governance. Trust in banks remains low. And at the same time, the scope of the issues has grown. As a result, banks have endeavored to implement various changes to improve their conduct and culture.
The report focuses on two fundamental questions: 1) How much progress has the banking industry made in conduct and culture ten years on from the global financial crisis, and especially since our last joint report, Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform; and 2) In what areas should banks continue to press on, and what evolving questions should they be mindful of going forward?
We highlight future challenges emerging due to changing societal norms, technological advances, competitive dynamics, and macroeconomic trends.
ABOUT THE GROUP OF 30
Established in 1978, The Group of Thirty is a private, nonprofit, international body composed of very senior representatives of the private and public sectors and academia. It aims to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors, and to examine the choices available to market practitioners and policymakers.
