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The shifting corporate culture in the financial services industry: Explaining the emergence of the ‘culture of greed’ in an Australian Financial Services Company
Business History ( IF 1.0 ) Pub Date : 2020-09-22 , DOI: 10.1080/00076791.2020.1821660
Monica J. Keneley 1
Affiliation  

Abstract

In Australia in 2018, a Royal Commission investigating misconduct within the financial services sector uncovered systemic problems associated with the provision of financial services. The Commission concluded that the causes of the problems identified lay with the systems and cultures cultivated by the businesses involved. An analysis of the environment in which financial services firms evolved provides greater understandings of corporate behaviour in this regard. The conclusion drawn is that in the post deregulation environment a number of factors combined to produce settings in which undesirable behaviours could occur. Competitive pressures led to unwise business decisions. Associated with this, turnover at the executive level led to a lack of continuity and a loss of corporate memory with its associated value structures. Combined with an emphasis on short term outcomes this resulted in behaviours that were contrary to ethical business codes.



中文翻译:

金融服务业中不断变化的企业文化:解释澳大利亚金融服务公司中“贪婪文化”的出现

摘要

2018年在澳大利亚,皇家委员会调查了金融服务部门的不当行为,发现了与金融服务提供相关的系统性问题。委员会得出结论,所发现问题的原因在于有关企业所培育的制度和文化。对金融服务公司发展所处的环境进行分析,可以更好地了解这方面的公司行为。得出的结论是,在放松管制后的环境中,许多因素结合在一起产生了可能发生不良行为的环境。竞争压力导致了不明智的业务决策。与此相关的是,高管层的人员流动导致缺乏连续性,并丧失了与之相关的价值结构的公司记忆。

更新日期:2020-09-22
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