Banks need new culture

Remuneration structures linked to short-term performance have created incentives for dishonesty and must be changed

There has been a lot of focus recently on a long and growing list of scandals involving some of the biggest global banks. Barclays has been in the spotlight for manipulating the London inter-bank offered rate and has been fined $460 million by regulators in the United States and United Kingdom.

But Barclays is not alone, the list of other banks involved includes some of the best-known global banks, from Citigroup, JPMorgan Chase, and Deutsche Bank to HSBC, RBS and UBS.