Winning culture essential for finance to flourish, says PwC

Cultural change in the financial services sector is destined to fail if players continue to focus on it primarily as a compliance requirement, a new paper claims.

The paper, Forging a Winning Culture, by PwC, calls for a new take on culture, focussing less on change as a bureaucratic distraction within businesses and instead, view it as a crucial source of competitive advantage.

The paper has been launched in response to encouragement from regulators for financial services organisations to tackle what they see as a dysfunctional culture, which has had its most extreme manifestation in recent scandals such as LIBOR and Forex manipulation.