Last month Peter Kell, Deputy Chairman of Australian Securities and Investment Commission addressed the issues with culture in the financial sector in a speech at the AFR Banking & Wealth Summit. He described the erosion of trust and confidence in the financial system and the global costs of misconduct arising out of poor finance sector culture. He was of course partly referring to recent events that have happened with organisations such as Target and their accounting scandal where staff over inflated their earnings to the tune of $21 million.
Wesfarmers who owns Target is taking action against 10 staff, Mr Goyder, Chairman of Wesfarmers said ‘What’s so disappointing is that people have made a decision, probably through implied pressure that they felt, to do something mind-blowingly stupid”. Continue reading