Tackling misconduct by learning from Google
John Mongelard turns to tech giant Google to explore how firms can tackle the misconduct conundrum.
There is clearly a business case for encouraging good ethics and having a clean culture. With the Libor and FX manipulations between 2006 and 2012, we saw that many traders at different banks made lots of money by being unethical. This was at the expense not only of their companies’ reputations, but customer finances and ultimately the wider economy.
In the aftermath, regulators took action, issuing large fines and regulatory bans for the banks and individuals involved. Once you factor in the regulatory impact, the costs of poor behaviour are too high – in the long run, it’s probably not worth doing the crime.