The government wanted to change the cultures at the big banks. Enter Dodd Frank.
“Nuns With Guns: The Strange Day-to-Day Struggles Between Bankers and Regulators,” The Wall Street Journal, May 31, 2016 A1. The raft of new regulations has resulted in a vast expansion of the staff functions involved in training internal employees on what the regs require. Over $70 billion in compliance costs at the six largest banks. 43,000 staff to oversee and enforce “‘controls'” at J.P. Morgan.
How do small players survive? Is a training slide showing the inhouse compliance people dressed as nuns with guns sending the right message?
The government forces change by adding regs and enforcing them. A corporation forces change by enacting policies, training employees, and monitoring what the employees actually do.