Investors must probe bank culture, says veteran financier
Ex-Barclays chairman says managers should take “stewardship responsibility” for bank conduct
Investors and fund managers need to take greater interest in how banks are building and maintaining robust cultures, including by ensuring the existence of board-level bank committees dedicated to overseeing conduct and ethical behaviour, said David Walker, former chairman of Barclays and chairman of UK-based investment manager Winton Capital Management.
Walker delivered a blunt assessment of the state of banking culture since the financial crisis and the Libor and foreign exchange manipulation
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