Organisational Change: How Can the Banks Change their Culture?

The banking sector has come under intense scrutiny in recent years as a result of a series of scandals which have lifted the lid on excessive risk-taking, illegal and unethical behaviour. Corporate culture has been blamed for many of the issues that have come to light.In this article in the Guardian, five "experts" are asked for their views on how banks can change their culture.

Among the potential solutions / actions suggested are:

• Better leadership - communicating a clear, strong and simple vision internally and externally;
  
• Removal of internal silos and politics
  
• Setting ambitious goals for change
  
• Change the reward systems
  
• Redefine the purpose of banking to re-establish trust among customers, employees, investors and the general public
  
• Change the senior leadership team - if an existing culture is "toxic" then that must reflect the leaders who have made it so. They have to go!
  
• Adopt a zero-tolerance policy towards non-conformity with the new expected behaviours and standards
  
• Accept that the process of change is a long-term one - be patient and persistent