Urgent action needed to reform banks' corporate culture

AS one case of wrongdoing by banks hits the headlines and is followed by yet another, public confidence in the soundness of the banking system is further undermined. Pressures on banking authorities to add still more regulations are rising, but corporations alone can change their core cultures. They alone can ensure that sound values guide all employees and that public trust is earned by acting with integrity.

Many major banks are striving to bolster the way they do bus…