The Distinctive Values of Bankers

Abstract

The banking sector is sometimes characterized by dysfunctional culture, but little is known about what values bankers hold. We gather data on employee values in a large multinational bank and measure alignment within the bank and with broader society. We find that bankers at the bottom of the hierarchy hold values that are mirrors of their societies, but the top-ranked bankers hold values that are most distinct from their countries. These distinctive values are those with the greatest impact on performance and potential for promotion, suggesting a possible trade-off between coherence within the organization and dissonance with society.