Failure to improve culture will be punished – Dudley and Tarullo
Fed officials say banks that fail to improve culture will face regulatory sanctions, including the possibility of being ‘dramatically downsized and simplified’
Banks that fail to implement a suitable risk culture and high standards of behaviour will face punishment, senior Federal Reserve officials Daniel Tarullo and William Dudley said on Monday.
Dudley, president of the New York Fed, warned that if any bank continued to behave badly, regulators would reach the "inevitable conclusion" that it was too big and complex to manage effectively. In such a case
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