Page 146 - Flip Banks TG

Issue 2

ISSUE 2: Ethics & Trust

Background

Ethical issues affect all stakeholders in any given business.

However, in the financial sector and banking in particular

there is a global perception that the banks are more

unethical than any other form of business. This perception

could be levelled against Bank of America who has a history
of abusing all of its key constituents. At various times over

the last decade, BofA has been accused of abusing its
customers, their shareholders, investors, the government

and their own employees. The following web address gives

some interesting insights into the actions of BofA up until

2012

https://thefinancialbrand.com/22274/ethical-issues-lawsuits-plague-bank-of-america/

claiming that BofA responded by denials of all wrong-doing
or by agreeing to settlements

“to eliminate the uncertainties, expense and distraction of

further litigation.”

Alternatively, the response is one of:

“We are working aggressively to improve our process

through formal training, enhanced checklists and improved

communication.” (5)