Bankers bash themselves as survey reveals toxic culture

Britain's banking industry is still operating a toxic culture which showers riches on those who indulge in bad behaviour and where bullying is rife – according to its own staff.

The Chartered Institute of Personnel & Development (CIPD) today publishes the results of a devastating survey of the financial sector, which suggests that industry leaders' claims that banking has reformed aren't being reflected on the ground.

It comes as the Parliamentary Commission on Banking Standards finalises its hotly-anticipated final report that is expected to call for sweeping changes in industry practice, with some members pushing for a break-up of Royal Bank of Scotland.

The poll by YouGov found that eight out of 10 bankers still believe that some people in their organisation enjoy excessive rewards. Even a majority of senior managers agree.

Disturbingly, almost two thirds of those polled across the financial sector believe some people in their organisations are incentivised to behave badly through their reward structures, with a similar number bemoaning the secrecy surrounding what top bosses get paid.

It also found that as many as a fifth of those polled had experienced either bullying or undue pressure to act in ways "that are counter to their personal ethics or the interests of customers".

Only half of bankers and just over 40 per cent of finance professionals generally believe there has been any initiative by bosses to effect a change in culture. Peter Cheese, CIPD chief executive, admitted in an interview with The Independent that the sector had a long way to go before it could say real change had been secured.

"We have not cracked it yet," he said. "Things are happening, but these results demonstrate how hard it is to bring about a change in culture."

He added: "It is a good thing that this is being recognised and talked about. It is an absolute truism that change comes from the top."

Since the end of the financial crisis both Barclays and RBS have paid huge fines over the involvement of their traders in attempts to rig Libor interest rates. Lloyds is thought to be another company in the Financial Conduct Authority's crosshairs.

HSBC is not, but it paid nearly $2bn (£1.3bn) to US authorities and was put on probation for acting as a conduit for dirty money and sanctions busting.

Perhaps unsurprisingly against that backdrop, fewer than one in three financial-sector workers outside of senior management said they were proud to work in the sector.

The CIPD's report was based on an online survey of 1,026 UK employees working in banking, brokerage and investment and insurance, conducted between 26 April and 30 April.

Of those, 495 respondents were from the banking sector, 295 from insurance and 237 from the brokerage and investment industries.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
News
ebooksNow available in paperback
Life and Style
tech
News
The 67P/CG comet as seen from the Philae lander
scienceThe most important scientific breakthroughs of 2014
Arts and Entertainment
Ian McKellen as Gandalf in The Hobbit: The Battle Of The Five Armies
film
Arts and Entertainment
Sarah Koenig, creator of popular podcast Serial, which is to be broadcast by the BBC
tvReview: The secret to the programme's success is that it allows its audience to play detective
News
Ruby Wax has previously written about her mental health problems in her book Sane New World
people
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Marketing Services Manager - (communications, testing, DM)

£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...

Guru Careers: Finance Account Manager

£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...

Ashdown Group: Java Developer - Hertfordshire - £47,000 + bonus + benefits

£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...

Ashdown Group: Direct Marketing Manager - B2C, Financial Services - Slough

£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...

Day In a Page

Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas