The Societal Responsibility of Banks: A Case Study of Three Swiss Alternative Banks

Abstract

ABSTRACT The ‘Great Recession’ of 2008 exposed banks and banking systems as frail economic entities, posing a threat to the real economy and society at large. This context of near economic collapse made clear the societal responsibility of banks to conform to business ethics respectful of both individual and collective interests. We argue that banks are primarily institutions of capitalism that must rely on resilient systems of reasonable values. The paper focuses on three Swiss banks to determine their ethical properties and their social ends. Such a societal dimension that we thrust on banks implies rethinking the responsibility of banks to society and their contributions to the public interest.