Prince - Scandalous
Banking suffers another blow as scandals pile up
The sequel to the financial crisis is under way, and there are no prizes for guessing who has been cast in the role of villain.
It has been a very bad few weeks for banking. The walk of shame has included employees tarred as rate-manipulators (Barclays PLC), money launderers (HSBC Holdings PLC), rogue traders (JPMorgan Chase & Co.), and outright fraudsters (Peregrine Financial Group Inc.).
The drumbeat of controversy is far more than an image problem for the banking industry. Four years after the financial crisis began, the pile-up of bad behaviour is feeding a sense that something remains deeply awry inside banks, despite efforts by governments to reform them.
Source: The Globe and Mail