Concern with the effectiveness, productivity, efficiency and excellence of organisations has served as a unifying theme of research on the management and design of organisations for more than a century. It has also motivated the writings of economists, organisation theorists, management philosophers, financial analysts, management scientists, consultants and practitioners. Empirical research has, however, not contributed to the development of a universal theory of organisational effectiveness. Another limitation has been that measures of effectiveness have often been based on a set of subjective measures (Lewin & Minton, 1986;Pounder, 2001).The entrance of new competitors into the financial services arena in South Africa during the past decade has had a profound effect on the banking industry. During the apartheid years when economic sanctions were imposed on the country, South African organisations were not overly concerned with internal effectiveness and price competitiveness, because the local environment was less competitive than at present as there were few multinational firms operating within the country (Marx, De Swart & Nortjé, 1999;Van der Post, De Coning & Smit, 1998). Since the first democratic elections new competitors have moved in and South African organisations have expanded their horizons internationally. This trend is also apparent in the investment banking sector. New models of management require managers in the banking industry to be more knowledgeable about their markets and also more competitive in how they approach them. In general, banks have not competed on the basis of cost and the margins of return on most banking products and services have been relatively small (ParadiseTornow, 1991). Whereas quality of service is a key differentiating factor for attracting and retaining customers, it appears that sound financial management is necessary to keep abreast of the competition (Marx et al, 1999).In order to achieve the desired level of financial performance, many organisations have restructured, merged, benchmarked, re-engineered, implemented total quality management programmes and introduced competitive staff benefits. Despite such attempts, many organisations have not achieved the anticipated results or have not experienced high performance (Jeuchter, Fisher & Alford, 1998). Analyses of sustained superior financial performance of certain American organisations have attributed their success to the specific cultures of the respective organisations (Deal & Kennedy, 1982;Flamholtz, 2001Lewis, 1994Ouchi, 1981;Peters & Waterman, 1982;Schlechter, 2001). Culture sets the boundaries by providing employees with a set of normative rules to regulate certain aspects of their behaviour which gives rise to attitudes, motivations and a sense of shared identity that contributes to organisations' effectiveness (Rollinson, 2005). No change will provide sustainable performance unless an organisation's culture and employees are fully prepared and aligned to support that change. Culture is what distinguishes tr...