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Bankers can learn from miners about culture change

Swaha Pattanaik 

Swaha Pattanaik Imagine an industry where bad practices cause huge harm, whose reputation is in the mud, and which desperately wants to change its culture. In the late 1990s that was mining. Today it's banking. Finance can learn a thing or two from the likes of Rio Tinto and BHP Billiton. Mining deaths in the United States halved per hour worked between 1990 and 2011, according to the Department of Labor. Four principles made this possible. First, aim for higher standards than the law requires. Some of the biggest miners applied tough rules globally, even when local norms were less stringent. A similar ...

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First Published: Wed, June 15 2016. 21:21 IST
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