Daily News: November 25, 2013

NY Fed Counsel: Punishment One Way to Change Bank Culture

Bloomberg reported that according to the New York Fed’s general counsel, Thomas Baxter, bank culture has gone awry as financiers focus on transactions instead of customers, and punishment is one way to fix it.

Baxter is quoted by Bloomberg as saying at an industry conference, “You need to focus on making examples of people, and nothing focuses the attention like a hanging. How are people promoted, how did those people get into those senior seats? This is another powerful way to send a message.”

To read the entire Bloomberg article, click here.