A recent report by Labaton Sucharow suggests that many young people coming into finance regard corporate wrongdoing as the cost of doing business. \u00a0Here are the main points of the report.<\/p>\n
\u2022 Despite the many reforms put in place in the wake of the financial crisis, only 36% of\u00a0respondents felt that Wall Street has changed for the better since Dodd-Frank\u2019s\u00a0passage in 2010.<\/p>\n
\u2022 More than half of respondents\u201352%\u2013felt it was likely that their competitors have\u00a0engaged in unethical or illegal activity to gain an edge in the market; 24% felt\u00a0employees at their own company likely have engaged in misconduct to get ahead.<\/p>\n
\u2022 Misconduct is still widespread in the financial services industry; 23% of respondents\u00a0indicated that they had observed or had firsthand knowledge of wrongdoing in the\u00a0workplace.<\/p>\n
\u2022 29% of respondents believed that financial services professionals may need to engage\u00a0in unethical or illegal activity in order to be successful.<\/p>\n
\u2022 More than one-quarter of all financial services professionals\u201326%\u2013believed the\u00a0compensation plans or bonus structures in place at their companies incentivize\u00a0employees to compromise ethical standards or violate the law.<\/p>\n
\u2022 An alarming number of financial services professionals, 24% of respondents, likely\u00a0would engage in insider trading to make $10 million if they could get away with it.<\/p>\n
\u2022 Shockingly, and consistent with recent and high-profile criticism of the culture within\u00a0the financial services industry, a full 28% of respondents felt that the financial services\u00a0industry does not <\/i>put the interests of clients first.<\/p>\n
\u2022 Building on this seemingly endemic culture problem, a concerning number of financial\u00a0services professionals indicated that their leadership may put profits above ethics; 17%\u00a0felt their leaders were likely to look the other way if they suspected <\/i>a top performer\u00a0engaged in insider trading. Equally concerning, 15% doubted that their leadership,upon learning <\/i>of a top performer\u2019s crime, would report it to the authorities.<\/p>\n
\u2022 As enforcement actions are on the rise and new reforms have strengthened financial\u00a0regulators and law enforcement authorities, the court of public opinion is following\u00a0suit; 62% of financial services professionals felt the SEC is an effective watchdog and\u00a057% felt that FINRA is effective.<\/p>\n
\u2022 Despite the encouraging 89% of financial services professionals who indicated a\u00a0willingness to report wrongdoing given the protections and incentives such as those\u00a0offered by the SEC Whistleblower Program, 40% of respondents were still unaware of\u00a0the SEC\u2019s Whistleblower Program.\u00a0Financial Services Survey July 2013<\/a><\/strong><\/p>\n A recent report by Labaton Sucharow suggests that many young people coming into finance regard corporate wrongdoing as the cost of doing business. \u00a0Here are the main points of the report. \u2022 Despite the many reforms put in place in … Continue reading ![\"Moral](\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2013\/08\/Moral-Compass-300x195.jpg\")
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