At last – banks have to have put us first
Banks have to improve their culture and the way they pay staff to so institutions focus less on the short-term and more on sustainable business behaviour and products according to the regulator, the Australian Prudential Regulatory Authority.
The Murray financial system inquiry recommended new rules to make banks unquestionably financially strong. Those rules are now being rolled out and attention is now on banks improving their culture.
Westpac chief Brian Hartzer has shifted from rewarding staff on sales targets to rewarding their outstanding customer service.