Character's Essential Role in Addressing Misconduct in Financial Institutions

According to a study published in the journal Nature, people reminded that they worked for a bank ('identity-primed') were more likely to cheat on a coin toss.16 This study is consistent with previous landmark studies about 'money priming', which demonstrated that people even only subtly reminded of money were less helpful, preferred solitary activities and more physical space between themselves and a new acquaintance (although apparently were ready to work harder and longer!).17 The inescapable conclusion for many is that the financial services industry is riddled with 'bad' people, attracted and empowered by an industry-wide culture that allows and encourages them to exploit the weaknesses and loopholes for their own benefit. [...]the aggregate effect of improved judgements by individuals, in particular those with formal leadership roles, positively influences the culture of the organisation, solidifying the improvements and making it more difficult and less likely that the culture will regress. [...]improved judgement, decision-making and performance that results from a properly implemented Leader Character programme will allow the programme to take its place at the core of corporate strategy, leading to sustained and permanent change. [...]improved character-based judgement will have a positive impact on the context and culture within which decisions are made, fully activating the many measures already put into place, while further improving sustainability and limiting the risk of an incorrigible individual and/or cultural regression. 3.Embracing and implementing Leader Character represents an opportunity and challenge to the financial services sector.