United States

Henry Engler

SocGen's $1.3 billion U.S. settlement challenges DOJ vow to avoid 'piling on'

Dec 06 2018

NEW YORK(Thomson Reuters Regulatory Intelligence) - Societe Generale’s recent billion-dollar settlement with multiple U.S. agencies is prompting some to question the credibility of a policy shift announced by the Department of Justice earlier this year against so-called “piling on” in enforcement cases. While the case involving five agencies each extracting millions for SocGen's violation of U.S. sanctions and money-laundering laws appears to be just the sort of piling on the department was pledging to avoid, others argue the DOJ’s policy is more nuanced and leaves room for interpretation, particularly over conduct.

INTERVIEW: Banks can strengthen culture with small steps and executive patience –UK policy director

Sep 24 2018

LONDON/NEWYORK (Thomson Reuters Regulatory Intelligence) - Listening to employees and taking small steps to address their concerns can over time do much to improve an organization’s internal culture, a reality that many in senior management might fail to appreciate, said a director of the UK’s Banking Standards Board.

BOOK FEATURE: 'Bad apples' vs. 'corrupting barrels': a new view of banking misconduct

Jun 13 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Large banks have a huge blind spot in their conduct and cultural reform programs by focusing their efforts too narrowly on individual employees rather than understanding the climate of the teams in which they operate. In other words, they look for “bad apples” and ignore the corrupting role of the barrel.

EXCLUSIVE: Goldman’s Blankfein enlists senior management in conduct, culture initiative

May 16 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Goldman Sachs' top management has been enlisted in a firm-wide initiative on conduct and culture issues. The global training sessions, sponsored by Chief Executive Lloyd Blankfein, have the firm’s partners and managing directors facilitating real-life work scenarios that encourage them to “anticipate the unexpected.”

Goldman aims to preserve pre-IPO culture, even as partnership dwindles

May 16 2018

WASHINGTON Goldman Sachs Group Inc has launched a global training initiative to safeguard the tight-knit culture it developed as a private partnership, even as the bank marks its 19th year as a publicly traded company.

BANK CULTURE FORUM: Big banks gain more understanding of staff conduct; lack common standards

Apr 24 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - The behavioral science tools that major banks have begun to deploy allow them to mitigate risk and better understand the behavior of individual employees and groups. But the evidence and data accumulated so far is at an early stage, and more work is needed to share the insights learned as the industry tries to perfect a "behavioral engineering" approach.

BANK CULTURE FORUM: Behavioral science gains role as banks address culture, conduct

Apr 23 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Banks are using the tools of behavioral science to combat misconduct and better understand the internal workings of their cultures, and current and former regulators at a Thomson Reuters forum welcomed what they see as an innovative effort that gives managers more influence and insight regarding their employees' motivations.

U.S. banks face complex compliance challenge with FDIC rules on deposit insurance

Apr 17 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Some of the largest U.S. banks are grappling with a relatively new regulatory requirement that forces them to identify all of their insured depositors in the event of a bank failure. While banks have until early 2020 to meet the Federal Deposit Insurance Corporation’s rules, called Part 370, experts say evidence on the ground suggests many fail to recognize how challenging it will be for them to comply.

INTERVIEW: 'Tone at the top' not enough to fix bank culture; data needed, says ex-chief of UK's FCA

Mar 14 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Traditional tools to combat misconduct and enhance internal cultures at banks, such as "tone at the top” messages from leadership and compliance surveys, are failing to achieve desired results, says Martin Wheatley, the former chief of the UK’s Financial Conduct Authority. Better use of data can help meet culture goals, despite limitations and challenges posed by privacy concerns, he said.

U.S. derivatives regulator tightens review for virtual currencies; defends 'self-certification' rules

Jan 31 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - The top U.S. derivatives regulator last week announced stricter protocols for how virtual-currency derivatives come to market while also defending the ability for major exchanges to introduce new products through their own “self-certification” process.

World News