Banks waste millions failing to change culture, conference hears

Cultural change in banks so far largely ineffective despite huge investment, and ethical compliance is in danger of becoming another "tick-box" exercise, a BBA conference hears

scissors cutting a dollar bill into strips

Banks are failing to improve culture despite huge investment, said a speaker at a British Bankers' Association (BBA) conference on "Better Banking" on December 4.

Klaus Woeste, director of KPMG's financial services people and change team, told that while banks were trying to change culture it would take "years" before any real change was seen, and a huge amount of money has already been wasted trying to address the problem.

"Banks spent tens of millions – hundreds of millions – on these

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