Is the Co-operative bank spending £5.5 million on CSR window dressing or reasserting a genuine ethical integrity?
2013 was something of an ‘annus horribilis’ for UK’s Co-operative Bank, perhaps one of the worst since they began in 1872. Although the vast majority of the headlines and problems were specifically with The Co-operative Bank, the whole Co-operative group was undoubtedly affected by association. The bank posted a colossal £2.5bn loss for 2013, creating significant consumer doubt in the brand and even the stability of the long established organisation. It seemed one of the last bastions of ethical integrity in the financial world had succumbed to the lurid corrupting forces of money and power. First came the eleventh-hour-runaway-bride stunt that saw the bank pull out of a deal to buy Lloyds TSB branches. Then came the shocking revelations about the conduct of their chairman and ordained Methodist minister Paul Flowers, buying Class A drugs, earning him the nickname the ‘crystal methodist’. The very stability of a financial institution, their reputation and consumer trust was devastatingly eroded.
Read More: http://3blmedia.com/News/Co-op-Bank-Has-it-Rediscovered-its-Ethical-Compass
© 2014 | 3BL Media/Ethical Goods | All Rights Reserved
2013 was something of an ‘annus horribilis’ for UK’s Co-operative Bank, perhaps one of the worst since they began in 1872. Although the vast majority of the headlines and problems were specifically with The Co-operative Bank, the whole Co-operative group was undoubtedly affected by association. The bank posted a colossal £2.5bn loss for 2013, creating significant consumer doubt in the brand and even the stability of the long established organisation. It seemed one of the last bastions of ethical integrity in the financial world had succumbed to the lurid corrupting forces of money and power. First came the eleventh-hour-runaway-bride stunt that saw the bank pull out of a deal to buy Lloyds TSB branches. Then came the shocking revelations about the conduct of their chairman and ordained Methodist minister Paul Flowers, buying Class A drugs, earning him the nickname the ‘crystal methodist’. The very stability of a financial institution, their reputation and consumer trust was devastatingly eroded.
Read More: http://3blmedia.com/News/Co-op-Bank-Has-it-Rediscovered-its-Ethical-Compass
© 2014 | 3BL Media/Ethical Goods | All Rights Reserved
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