Failure to improve culture will be punished, say Dudley and Tarullo

NY Fed president William Dudley

Banks that fail to implement a suitable risk culture and high standards of behaviour will face punishment, senior Federal Reserve officials Daniel Tarullo and William Dudley said yesterday.

Dudley, president of the New York Fed, warned that if any bank continued to behave badly, regulators would reach the "inevitable conclusion" that it was too big and complex to manage effectively. In such a case "financial stability concerns dictate" that it would need to be "dramatically downsized and simplif

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