The London 2012 Olympic Games was an undisputed success: record spectator participation, athletic excellence, few of the predicted logistics and travel problems and near-universal public approval around the world.
It’s easy to forget that the history of the Olympics is not without scandals – and not just doping and cheating. Allegations of bribery in the selection of Salt Lake City for the 2002 Winter Olympics led the International Olympics Committee (IOC) to expel 10 members and institute stricter rules about gifts to IOC members, and there were similar allegations about Nagano in 2006. Nevertheless, it would be difficult to find an organization or event as widely respected as the Olympics.
I see some lessons in this for the banking industry.
As the whole world knows, banking has been struggling to get on solid ground since the 2008 meltdown. It continues to struggle with crises from the euro to Liborgate, Mexico Gate and IranChartered Gate. Learn from the Olympics? Here are four actions or take aways for the banking industry: (more…)