European banks must change culture – EBA head

Business areas are most in need of change, and boards need better information, Enria says

Photo: EBA

Many banks in the European Union need to make profound changes to their culture and governance in order to avoid future scandals, Andrea Enria said on June 20.

“The culture and practices that had become commonplace in the run-up to the crisis generated a wave of scandals” from 2008, the head of the European Banking Authority told an audience in Dublin. The Central Bank of Ireland has repeatedly stressed the need for banks to change their internal cultures.

Banks initially attributed

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