NY Fed’s Stiroh: ‘cultural capital’ at risk in pandemic

Risk USA: remote working could “erode” the culture of financial firms, says senior regulator

Courtesy of the Federal Reserve Bank of New York
Photo: Courtesy of the Federal Reserve Bank of New York

The shift to remote working as a result of the Covid-19 pandemic is threatening to erode the organisational culture of financial firms – potentially heightening the risk of misconduct, a senior regulator at the Federal Reserve Bank of New York said today (November 16).

Kevin Stiroh, executive vice-president and head of the supervision group at the New York Fed, pointed to a range of factors related to the pandemic that could deplete “cultural capital” – which he described as an “intangible

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