Banking Culture Is As Dishonest As You Think, Science Says
In the same week the Senate opens hearings on manipulation of markets by banks, a new study finds the banking industry has a culture of dishonesty.By Bram Sable-Smith | November 20, 2014
The idea that the financial sector can be dishonest is often reinforced in pop culture. But there hasn't been scientific evidence to support it— until now.
In a study published in the journal Nature, Swiss economists asked 128 employees of a large international bank to perform a coin tossing experiment that measures honesty. The toss included financial incentives.
The study found when employees were reminded of their professional identities as bank employees, "a significant portion of them became dishonest." The same result was not found with employees from other industries.