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Getting to grips with finance’s culture problems

Banking veterans agree with regulators about the need to improve the industry’s culture. But what is this intangible concept and what, if anything, can firms do about it?

On a slow trading day in the early 2000s, two traders at Merrill Lynch in New York undertook a bet: that neither could consume the entire contents of a vending machine.

The rest of the trading floor subsequently watched and wagered as the two traders went on to gorge themselves to the point of sickness.

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