On culture this includes questions around what it is, where it needs to improve, and how its impact can be measured. Many of these issues are equally relevant to other financial institutions, not just banks.
In this report, we focus on the commercial and regulatory pressures affecting firms. The commercial pressures include the need to rebuild reputation and trust; to establish commercial benefits from taking a more customer-centric approach; to respond to growing competition from non-banks and from other banks; and to avoid or minimize the financial costs of misconduct. The regulatory pressures arise from the magnitude of regulatory change in both retail and wholesale markets, some of which has been implemented but much of which is still under development; and from supervisors beginning to ask questions about the culture of financial institutions.