Lucy Kellaway is correct.

In today's Financial Times piece:

If one employee offends against a bank’s vision and values, it is [his or her] fault. If 5,300 do, it is the bank’s. Wells Fargo has proved that its culture is a hopeless safeguard to anything. The people who have really transgressed are not the rank and file, but the top managers who set up the wrong incentives and who looked the other way as customers were stitched up.

It really IS about the incentives.