On November 5, 2015, William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, made opening remarks at the Reforming Culture and Behavior in the Financial Services Industry: Workshop on Progress and Challenges. In his remarks, he reiterated certain points from his previous speeches, noting that there still remain “deep-seated cultural and ethical failures” in the financial services industry that need to be handled from the inside out. He continued to encourage the industry to focus not just on banning specific examples of misconduct, but rather to try to find the underlying causes. “I think our focus should be less on the search for bad apples and more on how to improve the apple barrels.”
President Dudley’s remarks are available at: http://www.ny.frb.org/newsevents/speeches/2015/dud151105.html.