Cultural failures at JP Morgan, Barclays and HBOS
Newly released reports into the failures of management at several major banks – HBOS, Barclays, and JP Morgan among them – show that some of the worst losses had roots deeper than the 2008 credit crisis. Toxic internal culture and poor management, not the subprime mortgage collapse, caused billion-dollar losses at some of the world’s largest banks
The original narrative of the financial crisis depicted an industry undermined by unwise investment in unexpectedly weak US subprime mortgage products. The knock-on effect of the subprime mortgage market's weakness, coupled with poor credit risk management and uncertainty about interbank exposures, caused a systemic crisis that brought down banks and other financial institutions in the US and
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