Tag Archives | banks

How to win back trust in banks

30 July 2015 in Financial Integrity, Financial Markets, Private sector

The culture of profit before service at banks has led to a spate of serious scandals that have destroyed the public’s trust in the banking system. In March Transparency International wrote to the G30, a group of senior representatives of the private and public sectors and academia, which was tasked to develop recommendations on what […]

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Redefining success: incentives for cultural change in banks

16 January 2015 in Financial Integrity, Financial Markets, Private sector

Despite the bailouts and regulation after the 2008 financial crisis, unethical behaviour at banks has cost shareholders close to US$10 billion over the past two years in the form of fines. No wonder there is fierce competition on both sides of the Atlantic, particularly now as banks are beginning to report their results, over diminishing […]

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Shelving the shells

19 March 2014 in Access to information, Anti-corruption movement, Asset recovery, Financial Markets, Impunity, Politics and government, Poverty and development, Private sector

From one corruption fighting organisation to another, hats off to Global Witness. Founder Charmian Gooch and her colleagues have been recognised for their stellar efforts to highlight the damage done by corrupt practices in the extractives sector. In her award winning TED talk, Gooch highlighted the role of ‘the facilitators’ – global banks and global […]

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Thanks, British taxpayer! Thanks Royal Bank of Scotland

22 May 2013 in Europe and Central Asia, Region

Banks are currently not everybody’s darling so it’s no wonder that they try to polish their image. I was invited last week to a Scottish evening hosted by the Royal Bank of Scotland — which is 81 percent owned by the British government — at the Skylounge of the E-Werk, a typically lavish party location […]

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Integrity Default Alert: EU probes collusion in banking sector

27 March 2013 in Private sector

Reposted from the blog of Transparency International’s EU liaison office in Brussels. Corruption thrives in the dark, dank corners where no-one is looking, and banking is no exception. Who had heard of the LIBOR benchmark until the rate-rigging scandal erupted early last year? Now it is a byword for bad behaviour in banks. This week, […]

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One Thing We Learned from the U.S. Senate’s Too Big To Jail Hearing

14 March 2013 in Financial Markets, Private sector

Reposted from the blog of the Task Force on Financial Integrity & Economic Development Last week, the U.S. Senate Banking Committee held a hearing titled, “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement.” The committee called three regulators to testify: David Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the […]

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How well do we know our banks?

1 March 2013 in Accountability, Financial Markets, Private sector

It’s your bank. You see it. Walk by it. Use the cash machine. Get a loan. But is your bank paying taxes to your government, just as you do? Does your bank report on its profits or on how many staff it employs? In short, is your bank contributing to your community and your economy? […]

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Will billions in fines alone make banks respect the rules?

11 December 2012 in Accountability, Financial Markets

How banks implement international financial sanctions may not strike many as the sexiest news story of the day, but its importance comes alive when one remembers that holding a banking license and taking deposits from the public at large is not a right, but a privilege. It is bestowed on certain companies by the public […]

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Big banks: Where does the buck stop?

28 September 2012 in Financial Markets, Private sector

After four years of economic crisis and financial scandal, finally some good news. Eighty-five per cent of bank employees surveyed believe that their companies have an ethical duty to fight corruption. That is a finding from our survey of 3,000 businesspeople in 30 countries: Putting Corruption out of Business (see what businesspeople from other sectors […]

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G20 must address financial integrity as corruption surges through major banking

31 July 2012 in Financial Markets, G20, Private sector

Allegations of insider trading at Nomura, money laundering at HSBC, interest rate manipulation at Barclays – it’s one scandal after another! Some say mega-banks are too complex to manage and control, others blame bad management, still others say the culture is rotten. Corruption abounds. Greed, secrecy, arrogance, lack of a moral compass, and opportunity all […]

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