{"id":13092,"date":"2016-04-06T19:12:08","date_gmt":"2016-04-06T23:12:08","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13092"},"modified":"2016-04-06T19:12:08","modified_gmt":"2016-04-06T23:12:08","slug":"headmaster-malcolm-turnbull-takes-cane-to-banks-leaving-westpac-management-ginger","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/06\/headmaster-malcolm-turnbull-takes-cane-to-banks-leaving-westpac-management-ginger\/","title":{"rendered":"Headmaster Turnbull takes cane to banks"},"content":{"rendered":"<p><a href=\"http:\/\/www.theage.com.au\/business\/banking-and-finance\/headmaster-turnbull-takes-cane-to-banks-leaving-westpac-management-ginger-20160406-gnzws3?promote_channel=edmail&amp;mbnr=MTQyOTU1Nzk\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/www.theage.com.au\/content\/dam\/images\/g\/n\/z\/t\/o\/g\/image.related.articleLeadwide.620x349.gnzws3.png\/1459950204021.jpg?w=525\" alt=\"\" \/><\/a><\/p>\n<p>Elizabeth Knight quotes prime minister Malcolm Turnbull speaking at Westpac&#8217;s 199th birthday lunch:<\/p>\n<blockquote><p>Meanwhile Turnbull \u2013 himself a former head of the Australian chapter of Goldman Sachs \u2013 told those attending the Westpac lunch that bank culture must shift from one that traditionally had been all about profit to one that took into account broader social responsibility.<\/p>\n<p>Remuneration and promotion cannot any longer be based solely on direct financial contribution to the bottom line.<\/p>\n<p>While bank bosses have been talking the same kind of talk for a while now, the growing number of instances where the behaviour of the banks had fallen short as a result of the drive to increase profit (and personal bonuses derived from making returns) are becoming harder to explain away using the excuse of a few bad apples.<\/p>\n<p>&#8220;We expect our bankers to have higher standards, we expect them always, rigorously, to put their customers&#8217; interests first \u2013 to deal with their depositors and their borrowers, with those they advise and those with whom they transact in precisely the same way they would have them deal with them,&#8221; he said.<\/p><\/blockquote>\n<p>Turnbull has hit on a key risk area for banks: remuneration structures that reward short-term profit objectives promote a risk-taking culture. Bank deals often look impressive at the start only to sour later. Incentives that encourage employee share purchases align staff interests with those of shareholders &#8212; a prudent, long-term outlook &#8212; while share options and bonus schemes encourage a short-term focus, aggressive risk-taking and divisional rivalry that can damage long-term value.<\/p>\n<p>APRA may consider remuneration structures as outside their risk management ambit but it is time for a re-think. Toxic management culture is the biggest risk of all.<\/p>\n<blockquote><p>&#8220;Only when the tide goes out do you discover who&#8217;s been swimming naked.&#8221; ~ Warren Buffett<\/p><\/blockquote>\n<p>Source: <a href=\"http:\/\/www.smh.com.au\/business\/banking-and-finance\/headmaster-turnbull-takes-cane-to-banks-leaving-westpac-management-ginger-20160406-gnzws3.html\">Headmaster Malcolm Turnbull takes cane to banks leaving Westpac management ginger<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elizabeth Knight quotes prime minister Malcolm Turnbull speaking at Westpac&#8217;s 199th birthday lunch: Meanwhile Turnbull \u2013 himself a former head of the Australian chapter of Goldman Sachs \u2013 told those attending the Westpac lunch that bank culture must shift from one that traditionally had been all about profit to one that took into account broader &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/06\/headmaster-malcolm-turnbull-takes-cane-to-banks-leaving-westpac-management-ginger\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Headmaster Turnbull takes cane to banks&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31],"tags":[477,1226,2198,2909,2970,3103,3120],"class_list":["post-13092","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","tag-bonus-schemes","tag-employee-option-schemes","tag-malcolm-turnbull","tag-remuneration-structures","tag-risk-management","tag-share-incentives","tag-short-term-focus"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Headmaster Turnbull takes cane to banks - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Headmaster Turnbull takes cane to banks - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Elizabeth Knight quotes prime minister Malcolm Turnbull speaking at Westpac&#8217;s 199th birthday lunch: Meanwhile Turnbull \u2013 himself a former head of the Australian chapter of Goldman Sachs \u2013 told those attending the Westpac lunch that bank culture must shift from one that traditionally had been all about profit to one that took into account broader &hellip; 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They use their power and caprice to encourage others to tell them what they want to hear. But this is precisely the wrong way to deal with Trump, or\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Malcolm Turnbull and Donald Trump address a press conference at the White House","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/11\/2024-11-26-turnbull-trump-300x126.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/11\/2024-11-26-turnbull-trump-300x126.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/11\/2024-11-26-turnbull-trump-300x126.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":12974,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/13\/richard-turnbull-earns-place-in-south-african-coaching-hall-of-fame\/","url_meta":{"origin":13092,"position":1},"title":"Richard Turnbull earns place in South African coaching hall of fame","author":"ColinTwiggs","date":"March 13, 2016","format":false,"excerpt":"Congratulations to a good friend and great human being for his induction in the South African coaching hall of fame. Richard Turnbull (pictured above [left] with middle-distance runner Matthews Temane), with a background in exercise physiology, achieved outstanding success as an athletics coach in the 1980s and 1990s. He also\u2026","rel":"","context":"In &quot;Interests&quot;","block_context":{"text":"Interests","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/interests\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15286,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/15\/at-last-some-sensible-commentary-on-bank-levy-macrobusiness\/","url_meta":{"origin":13092,"position":2},"title":"At last, some sensible commentary on bank levy | MacroBusiness","author":"ColinTwiggs","date":"May 15, 2017","format":false,"excerpt":"From Leith van Onselen: ......The bank levy helps internalise some of the cost of the extraordinary public support that the big banks receive from taxpayers via the Budget\u2019s implicit guarantee (which provides a two-notch improvement in the banks\u2019 credit ratings), the RBA\u2019s Committed Liquidity Facility, the implementation of deposit insurance,\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13933,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/08\/09\/asic-review-of-investment-banks-shows-poor-practice\/","url_meta":{"origin":13092,"position":3},"title":"ASIC review of investment banks shows poor practice","author":"ColinTwiggs","date":"August 9, 2016","format":false,"excerpt":"From Sarah Danckert: The ASIC review of investments banks found that not only do the heavyweights of Australia's financial system have difficulty in managing their conflicts of interest they also financially reward staff for potentially conflicted behaviour. .....So ugly is the result the Australian Securities and Investments Commission has warned\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13068,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/01\/megalogenis-australian-panic-macrobusiness\/","url_meta":{"origin":13092,"position":4},"title":"Megalogenis: Australian Panic! | MacroBusiness","author":"ColinTwiggs","date":"April 1, 2016","format":false,"excerpt":"From Unconventional Economist at Macrobusiness: .....George is back, this time with The Australian Panic in a new Quarterly Essay: In this urgent essay, George Megalogenis argues that Australia risks becoming globalisation\u2019s next and most unnecessary victim. The next shock, whenever it comes, will find us with our economic guard down,\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10459,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/30\/shilling-big-banks-shift-to-lower-gear-the-big-picture\/","url_meta":{"origin":13092,"position":5},"title":"Shilling: Big Banks Shift to Lower Gear | The Big Picture","author":"ColinTwiggs","date":"July 30, 2014","format":false,"excerpt":"Gary Shilling describes how US regulators are getting tough with big banks: Break-Up Like unscrambling an egg, it\u2019s hard to envision how big banks with many, many activities could be split up. But, of course, one of the arguments for doing so is they\u2019re too big and too complicated for\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bank Price-to-Book Ratios","src":"https:\/\/i0.wp.com\/d21uq3hx4esec9.cloudfront.net\/uploads\/newsletters\/Image_5_20140730_OTB.gif?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/d21uq3hx4esec9.cloudfront.net\/uploads\/newsletters\/Image_5_20140730_OTB.gif?resize=350%2C200 1x, https:\/\/i0.wp.com\/d21uq3hx4esec9.cloudfront.net\/uploads\/newsletters\/Image_5_20140730_OTB.gif?resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13092"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13092\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}