Introduction

Corporate culture is a relatively new matter of interest for financial institutions. However, it deserves increasing attention within the more advanced academic debate, as well as among experts, professionals, and policy makers. Banks are realizing that culture is a sort of “missing link” in the understanding and governance of individual and social behaviors within corporate organizations, and that it has been long overlooked or taken for granted. At the same time, regulators, and supervisors are convincing themselves that sounder banking culture and conduct represent important value drivers also for other relevant stakeholders. In fact, the financial crisis was seriously exacerbated by an inadequate risk culture in the financial sector. In other words, there was a deep cultural problem under the decisions and behaviors that brought to the crisis. And several cases of misconduct and scandals can be fully explained only in light of the same cultural weaknesses in banks and other financial companies.