Cultural failures at JP Morgan, Barclays and HBOS

Crisis of over-confidence

diamond-barclays
Bob Diamond, ex-Barclays chief executive, after giving evidence to the UK Treasury Select Committee in 2012

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 elsewhere. To say the least, this account has now been shown not to be the whole story – instead, as a

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