Reforming Culture and Behavior in the
Financial Services Industry: Expanding the Dialogue

This event built upon two conferences that the New York Fed held in October of 2014 and November of 2015 on culture and behavior in the financial services industry. At this year’s workshop, we expanded the dialogue to include the perspectives of institutional investors and financial institution supervisors, discuss methods of culture assessment, and explore the influence of technology on culture.

See a final list of participants and detailed summary of discussions .

Event Details
Summary
Download the detailed summary.
Date and Time
Thursday, October 20, 2016
8:30 a.m. - 5:00 p.m.
Location
Federal Reserve Bank of New York
33 Liberty Street, New York, N.Y.
Audience
By invitation only.
Download the attendee list .
Media
The workshop will be open to the press. Chatham House Rule will be in effect for all but selected speeches; media may report on comments made during the event, but may not attribute remarks to individuals or organizations. Media who wish to attend should contact Andrea.Priest@ny.frb.org.
Contact
Please address any questions to NY.FRB.Culture.Workshop.2016@ny.frb.org.
Agenda
8:30-
8:40am
Welcoming Remarks

William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks
8:40-
9:00am
Keynote: Trustworthiness and Purpose

Baroness Onora O'Neill, Board Member, U.K. Banking Standards Board; Emeritus Professor of Philosophy, University of Cambridge |
Remarks
9:00-9:45am Finance and Society: A Global Perspective

Read President Dudley's panel preview on Medium.

Moderator:
William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York

Panelists:
Norman Chan, Chief Executive, Hong Kong Monetary Authority | Remarks
Dame Nemat (Minouche) Shafik, Deputy Governor, Bank of England | Remarks
9:45-10:00am Break
10:00-11:00am Institutional Investors, Governance, and Culture

Read Maureen O'Hara's panel preview on Medium.
Read David Walker's panel preview on Medium.

Moderator:
Maureen O'Hara, Robert W. Purcell Professor of Finance, Johnson Graduate School of Management, Cornell University

Panelists:
Glenn Hosokawa, Director of Fixed Income, California State Teachers Retirement System
Matthew J. Mallow, Senior Managing Director and Chief Legal Officer, BlackRock
Sir David Walker, Chairman, Winton Capital Management | Discussion Guide
11:00am-12:00pm Financial Institution Supervision and Culture

Read Kevin Stiroh's panel preview on Medium.

Moderator:
Kevin J. Stiroh, Executive Vice President and Head of the Supervision Group, Federal Reserve Bank of New York

Panelists:
Susan Axelrod, Executive Vice President, Regulatory Operations, Financial Industry Regulatory Authority (FINRA)
James Proudman, Executive Director, UK Deposit Takers Supervision, U.K. Prudential Regulatory Authority
Mirea Raaijmakers, Co-head, Expert Center on Governance, Behaviour & Culture, De Nederlandsche Bank
12:00-12:30pm Criminal Accountability and Culture

The Hon. Preet Bharara, United States Attorney, Southern District of New York, United States Department of Justice | Remarks
12:30-1:30pm Lunch
1:30-2:30pm Firm Progress Report

Read Stuart Mackintosh's panel preview on Medium.

Moderator:
Stuart Mackintosh, Executive Director, Group of Thirty

Panelists:
Stephen Cutler, Vice Chairman, JPMorgan Chase & Co.
Eric Grossman, Chief Legal Officer, Morgan Stanley
Michael Roemer, Group Head of Compliance, Barclays
2:30-3:30pm Measuring Culture and Conduct

Read Bill Schaninger's panel preview on Medium.

Moderator:
Bill Schaninger, Director, McKinsey & Company

Panelists:
Alison Cottrell, Chief Executive Office, U.K. Banking Standards Board
Lisa Masters, Enterprise Learning and Leadership Development Executive, Bank of America
Melanie Stopeck, Managing Director, Talent and Development Group, Citigroup
3:30-3:45pm Break
3:45-4:45pm Technology and Culture

Read Thomas Glocer's panel preview on Medium.

Moderator:
Thomas H. Glocer, Former Chief Executive Officer, Thomson Reuters; Director and Chairman, Operations and Technology Committee, Morgan Stanley

Panelists:
Megan Butler, Director of Supervision for Investment, Wholesale and Specialists, U.K. Financial Conduct Authority
R. Martin Chavez, Chief Information Officer, Goldman Sachs
Axel P. Lehmann, Group Chief Operating Officer, UBS
4:45-5:00pm Closing Remarks

William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York