William C. Dudley, President and Chief Executive Officer – Remarks at the Workshop on Reforming Culture and Behavior in the Financial Services Industry, Federal Reserve Bank of New York, New York City, October 20, 2014. As prepared for delivery: “As I noted earlier at the start of today’s workshop, improving culture in the financial services industry is an imperative.  This endeavor is important in order to ensure financial stability over time, but also to ensure the public trust in our financial system. In my remarks today, I will first talk about what I see as the culture problem. Then, I will focus on how incentives could be improved within the financial services industry to encourage better culture and behavior. This includes how we compensate employees of a financial institution, but it also extends to how these firms identify wrong-doers and punish them. As always, what I have to say today reflects my own views and not necessarily those of the Federal Reserve System.”