By Labaton Sucharow
US Financial Services Industries Survey
Published July 2013
Here is an excerpt from the Executive Summary:
To be sure, over the last decade, scandal and corruption have
eroded public faith in the markets. We have witnessed the global economy in
precipitous decline, leaving a casualty trail from seemingly impenetrable institutions
like Lehman Brothers, to small businesses and everyday individuals who have
lost jobs, homes and retirement savings.
We have hoped for, and worked toward, a better future. Governments around the world have enacted
aggressive reforms to ensure greater transparency and accountability. Corporate
behemoths and financial institutions have taken a more judicious approach to
risk management. Industry leaders have made promises to employees and the
public at large–promises about ethics and responsibility. But the reality is,
we now face a moment of unparalleled crisis; many of these promises have gone
unfulfilled and if we don’t take swift collective action, the battle cry this
can’t happen again will be nothing more than background music to the next, more potent
economic tsunami.
The complete survey is here.
