Is the banking industry a broken business model? That’s a question that many people are asking themselves these days. My personal view is that it is not. Rather, the lack of principles and values within the industry has caused a lot of very poor leadership to rise to the top.
What happens when any industry or business looses sight of the reason they’re in business? The same things no matter what business they’re in. GM has forgotten who the customer is. GM has forgotten who drives their overly large salaries and hourly wages. Banks have forgotten who they serve besides the shareholders. In fact, shareholders have forgotten what drives profits. In stead, everyone mentioned thinks of only one thing. What’s in it for me! (more…)