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The Bank Culture DebateEthics, Values, and Financialization in Anglo-America$
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Huw Macartney

Print publication date: 2019

Print ISBN-13: 9780198843764

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198843764.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 September 2021

What Has Not Changed

What Has Not Changed

(p.209) 10 What Has Not Changed
The Bank Culture Debate

Huw Macartney

Oxford University Press

This chapter begins by explaining that financialization since the financial crisis has continued. The chapter then shows how the real culture of banking has not changed as a result. It examines the business models of the largest Anglo-American banks and the impact of Quantitative Easing to show the disconnect between the banks and their respective economies. It then examines rising household indebtedness, and the lending practices of the banks that exploit the heavily indebted. Finally it explores pay in the financial sector, showing that fixed and variable remuneration remain out of proportion to the value-added of the banking sector, and disproportionately high compared to pay in most other sectors. The conclusion we should draw is that bank culture has actually changed very little.

Keywords:   financialization, bonus culture, Quantitative Easing, household debt, non-interest income, lending

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