Ethics, Culture and Higher Purpose in Banking: Post-Crisis Governance Developments

This paper examines the roles of ethics, culture, and higher purpose in banking, defining these concepts and discussing how they are related. Developments in these areas since the financial crisis are discussed in the context of governance in banking. The theoretical and empirical research on ethics, culture and purpose is reviewed, including a discussion of a framework for diagnosing bank culture. The paper closes with a discussion of the regulatory policy implications of the review.