NY Fed’s Stiroh: ‘More work to be done’ on bank culture

Supervision chief warns on new risks from machine learning bias

Kevin Stiroh, Federal Reserve Bank of New York

Photo: Courtesy of the Federal Reserve Bank of New York

In 2014, the Federal Reserve Bank of New York launched its first conference on reforming culture in the finance industry. The event, which later evolved into a series of conferences, workshops and training programmes, sought to tackle shortcomings in bankers’ behaviour, which had been dramatically exposed during the 2008 financial crisis and subsequent Libor scandals.

“The consequences of inaction seem obvious,” then-New York Fed president William Dudley said in a 2014 speech.

These