Jan. 11 - UBS says it’s focusing on recovering its lost ‘honour’ after being fined $1.5bn over the Libor scandal. Lucy Marcus argues banks need to make concrete changes to regain lost trust.
-- get to see you again I wanna start with a quote from UK it'll make the level of ignorance that you -- about liable in -- -- it seems staggering to the extent of incredulity. They keep talking about on now on restoring honor I'm. That's what about the wrong things. But at at that same meeting US UBS talked about the fact that they were all focused on restoring honor. To me that's still emphasis not -- on the right thing. What what all of these institutions these banking institutions need to think about is about rebuilding trust and stability. And and focusing on themselves honor dignity so and that's not actually. What we're talking about is trust and trust. Is not something that can be demanded. It needs to be earned. For all of us we have to earn. So basically you're saying the banks and UBS in particular using this well and I'm the two in which they need to be thinking of now. The plot -- -- in the of them would focus when it's so they need to be singing a -- decline but the entire ecosystem and it really what's happened. This with the -- stuff with the banking scandals is a hole. People's faith in this entire industry has shaken and if you shake the faces of faith of people's. In in in the financial services industry you shake a lot of faith in a lot of ways because the knock on effects are -- so they need to start thinking about the concrete things that they will do. To earn back peoples are trying to stop. About gonna stop talking about how embarrassed and ashamed at all which we're getting everyday let's face it from from from the current leaders in the previous leaders. And talk about how to wouldn't trust who's doing it right. Whose whose whose main. It. It's hard to know yet because we're early on in the process but what they need to be doing ABC Barclays has in new chairman. New chief executive. And they are reexamining who's sitting around the board table. What what needs to happen now is. Real action being taken real policies being put in place and then transparency. To be seeing that to be working. You know for all of these institutions. You don't need a license necessarily. Like you would as a doctor practices doctor that you need as a as a banker and and there are four. There is an entire system. That is based on. You know trust me when nobody trust them. Until really now they need to be doing concrete things. To demonstrate that they are trustworthy otherwise. In any in any institution in any organization any sector -- in its trust it's trust me it's a no car salesman as yet well. It's beyond. So. -- -- people with -- new -- new ideologies. And them get away from this old school on -- system. I really do think that. The focus here now is on results. Don't tell me what you gonna do. Do -- shown me what your view because that's the only way in any business that anybody's and really trust you from non. Because people didn't trust the financial services sector. Broke that trust and it's going to be a long hard road. To walk to get that.