Page 17 - Bank of America E Teaching Note

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)