Cornell faculty discussed the dual role of financial markets in achieving prosperity and equity at the eighth annual Faculty Panel. While acknowledging the World Bank's historical mission to address social needs, the professors highlighted ongoing issues in the financial industry that hinder investments in social problems. Maureen O'Hara emphasized the pervasive culture of fines and scandals that shape public perception of finance as self-serving. For finance to serve a social purpose, significant changes in the banking culture are essential to align with societal well-being and investment in social initiatives.
When we look at finance, one of the things that you usually see is that someone is being fined for something, if not by one regulator then by many.
If we want finance to have a social purpose, to improve the well-being of society, then it will have to start with the culture of banking.
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