Following rate-rigging scandals, FX manipulation debacles, insider-trading idiocy, and over-aggressive lending practices, bankers are taking a different approach in regaining some public trust. As Jamie Dimon gives himself a "well-deserved" pay rise, Dutch bankers are turning to God... As Bloomberg reports [5], all 90,000 Dutch bank employees will take an oath 'to do no harm' as it were, punishable by the Banking Association. While Goldman may be doing God's work; the Dutch are vowing to Him to enhance confidence in their industry.
[6]
Via Bloomberg, [5]
The oath...
“I swear that I will do my utmost to preserve and enhance confidence in the financial-services industry. So help me God.”
...is the first of its kind in Europe, became binding on board members of Dutch banks last month as the government sought to rein in an industry with assets more than four times the size of the country’s economy.
All 90,000 Dutch bank employees must take the pledge, or a non-religious affirmation, starting the second half of this year. They’ll be punished should they break new ethical rules, Banking Association Chairman Chris Buijink said in an interview in Amsterdam.
Dutch bankers who fail to abide by the new rules may be blacklisted, face fines or suspensions
...
“It’s a good signal to your employees and brings back awareness of the importance of these values,” said Bruggink, 50, who’s been CFO of the biggest Dutch mortgage lender since 2004. “It fits in with these times, where banks have to work hard to restore trust.”
...
“Other professions, such as lawyers and doctors, have a long-standing tradition of ethics,” he said. “With bankers, however, we don’t really know what the professional standards entail. More so, we don’t really know what ‘‘the banker” is. There is a large variation of roles within the industry.’’
It would seem they have a long way to go...
Thirty-four percent of Dutch citizens expressed trust in the finance industry last year compared with 90 percent in 2008