A new survey confirms the obvious: Wall Street’s ethics are on the fritz.
Labaton Sucharow’s second annual financial services survey, dramatically titled “Wall Street in Crisis: A Perfect Storm Looming,” was a confidential poll of financial professionals on issues such as regulators, ethics and workplace wrongdoing. The results were… somewhat less than encouraging. Some key statistics below:
- 52% of respondents thought their competitors behaved unethically or illegally
- 24% of respondents thought people within their own company behaved unethically or illegally
- 28% said they believed the industry doesn’t put its clients’ interests first
- 24% said they would engage in insider trading if they wouldn’t get in trouble for it
- 29% said they thought finance professionals needed to behave unethically to succeed
- 23% said they personally had first-hand knowledge or had observed misconduct
"Our survey suggests there is a big disconnect between what the financial services industry preaches and what it actually does," said Chris Keller, partner and head of case development at Labaton Sucharow, in a press release. "Until a culture of integrity and stewardship is established, investors will be at risk."
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