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It's not just banking that needs a culture change.
Picard's lawsuit described a web of dubious banking that fueled growth at Sterling.
After the West's experience with no-holds-barred banking, that may be a good idea.
Recall Northern Rock and its "shadow banking" that eventually drove it into bankruptcy three years ago?
THERE is something breezily cynical about investment banking that takes the breath away.
The whole structure of banking that was predicated upon higher oil prices gets more rickety still.
But it's got universal banking that goes considerably beyond the Glass-Steagall reforms that happened in the United States.
Even so, they have developed an innovative model of banking that is being exported around the world.
Mr Ackermann also spoke of a "new normality" in banking that is "characterised by volatility and uncertainty".
Collectively, the cities are a hotbed of underground banking that also extends to Macau and Hong Kong.
New niche players introduced innovative products like telephone and internet banking that later spread to larger banks.
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