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Hey banks – no reputation building campaigns, please

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Financial institutions across Australia are enduring their worst reputational crisis for a generation, and there is every likelihood it will get a lot worse before it starts to improve. But now is absolutely not the time to launch some hopeful “reputation building initiative.”

Recent evidence at the Banking Royal Commission commenced to shred the reputation of banks, wealth management funds and other financial institutions.

Then, within the space of a few days, the Commonwealth Bank agreed to a $700 million fine for money laundering – the largest fine in Australian corporate history – and criminal charges were laid against three major banks and six of their highest executives over alleged cartel behaviour to artificially inflate the price of ANZ shares.

There is nothing like the threat of prison to focus the mind, and right now the unprecedented collapse of reputation in the finance sector is doubtless triggering some long-overdue soul-searching in boardrooms across the........

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