Page 9 - The Banks Summary (H)

Culture

Culture underpins all the actions of the case study banks.

But culture does not act in isolation rather it is influenced

by a variety of other factors such as

• Poor Macro Economics: Gordon Brown’s ‘Light Touch
Financial Regulations’ pre-2008

• Weak Regulators: Inability of FCA to act against GRG
• Weak Diligence: Sub-prime lending by banks

• Industry Practice: Banks’ influence over LIBOR interest rate

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