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October 30, 2012

MPs hear of ‘us and them’ HBOS culture

Failed bank HBOS had an “us and them” culture and a “dysfunctional” reporting structure that made it all but impossible for risk managers to stand up to the business executives, a former HBOS head of risk told parliament’s  banking standards commission on Tuesday.

Paul Moore, who was fired from his job as head of group regulatory risk in 2004 after warning that HBOS was taking excessive risks, said that the bank got into trouble because of its focus on revenue and sales volume growth across the various divisions.”

 

 

Read full FT article here

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