'Moral contagion' at the root of control failures

Pay reform won't solve all of banks' problems, academics warn


Restoring trust in the financial industry will require moral shifts as well as compensation reform, Oxford academics Nick Morris and David Vines told a seminar at the London School of Economics yesterday.

Morris and Vines, who coedited 'Capital failure: Rebuilding trust in financial services', argued that the focus should be on establishing norms of ethical behaviour – as is the case in other professions such as the law and medicine.

Morris argued that banking culture had deteriorated in recent

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