As an addendum, it is worth noting that bank culture can have a good deal to do with how the product management group is able to function. It can only function with full effectiveness if the culture is favorable for a product management type of operation. The ideal culture is one that enables a young person to have significant responsibility to get things done in the organization. The company spends a significant amount of money to get the facts. Its people are trained to dig for facts.
Major decisions are justified in writing and thoroughly documented.
Responsibility is fixed on individuals. Very few decisions are made by teams or committees Teams and committees may be set up for the purpose of sharing information and functional expertise on a specific project, but the final decision is generally made by an individual. The company does not make decisions on an arbitrary basis. Issues are debated on their merits and are usually decided on the basis of the validity of the arguments presented, as opposed to rank or position in the organization. Individual employees are expected to take the initiative in running their areas of the business, and they do.