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How UK Banks are Changing Their Corporate Culture & Practice Following the Financial Crisis of 2007-08

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  • Ian W. Jones
  • Michael G. Pollitt

Abstract

This paper looks at positive case studies of organisational change at significant UK banks in response to the financial crisis. We present examples of good practice, which specifically address the identified need to change the culture and practice of UK banking. Our aim is to identify cases that can be of value in teaching. Our research complements the existing research on ethical banking and on culture change in UK banking. We begin by reviewing some of the literature on the crisis as it relates to the culture of banking in the UK. We go on to document three case studies from each of five banks with a significant retail business in the UK – Barclays, Lloyds, TSB, Santander and Hoare. We finish with a conclusion that draws out some over-arching lessons on culture change in UK banking from our case studies.

Suggested Citation

  • Ian W. Jones & Michael G. Pollitt, 2016. "How UK Banks are Changing Their Corporate Culture & Practice Following the Financial Crisis of 2007-08," Working Papers wp482, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp482
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    File URL: https://www.jbs.cam.ac.uk/cbrwp482/
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    References listed on IDEAS

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    3. Ian W. Jones & Michael G. Pollitt, 2002. "Understanding How Issues in Business Ethics Develop: Introduction," Palgrave Macmillan Books, in: Ian W. Jones & Michael G. Pollitt (ed.), Understanding How Issues in Business Ethics Develop, chapter 1, pages 1-13, Palgrave Macmillan.
    4. Ian Jones & Michael Pollitt, 2004. "Understanding How Issues in Corporate Governance Develop: Cadbury Report to Higgs Review," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(2), pages 162-171, April.
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    7. Ian W. Jones & Michael G. Pollitt & David Bek, 2007. "Multinationals in their Communities: A Social Capital Approach to Corporate Citizenship Projects," Palgrave Macmillan Books, in: Multinationals in their Communities, chapter 1, pages 1-19, Palgrave Macmillan.
    8. Roland Fryer & Steven Levitt & John List & Sally Sadoff, 2012. "Enhancing the Efficacy of Teacher Incentives through Loss Aversion: A Field Experiment," Framed Field Experiments 00591, The Field Experiments Website.
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    11. Ian W. Jones & Michael G. Pollitt (ed.), 2002. "Understanding How Issues in Business Ethics Develop," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-51103-3, March.
    12. Ian W. Jones & Michael G. Pollitt, 2002. "Understanding How Issues in Business Ethics Develop: Lessons for Business," Palgrave Macmillan Books, in: Ian W. Jones & Michael G. Pollitt (ed.), Understanding How Issues in Business Ethics Develop, chapter 9, pages 169-180, Palgrave Macmillan.
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    Keywords

    Corporate Culture; Barclays; Lloyds; TSB; Santander and Hoare;
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