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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: 19 September 2021

UK Responses and the Second Phase

UK Responses and the Second Phase

(p.136) 7 UK Responses and the Second Phase
The Bank Culture Debate

Huw Macartney

Oxford University Press

This chapter focuses on the culture of banking debate that emerged following the LIBOR scandal in 2012 in the UK. It shows a range of the harder, institutional and regulatory measures and penalties that were introduced to remedy bank culture. The chapter then moves to discuss the softer, normative agenda that also focused on bank culture change. The chapter contends though, that in both cases state managers were as concerned about tackling the legitimacy crisis as they were about actually improving bank culture. The chapter also shows the glaring absence of a debate on the structural causes of banking culture.

Keywords:   populism, legitimacy crisis, LIBOR, Senior Managers Regime, regulation

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