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Ethics in Banking

Written by Don Woodland | Dec 12, 2016 4:24:19 PM

The business of banking is one based on trust.  Clients deposit their funds, perhaps their life savings, their retirement funds, and other financial resources in their banks with the expectation that their money will be held securely, invested wisely, and returned when requested.  The industry has a reputation of ethical behavior which is essential to its historical success.  When this reputation is tarnished by the actions of a few institutions the entire industry is affected in a negative way and reacts with enhanced vigilance to assure that long-standing ethical standards are enforced.

The recent well-publicized actions by a very few employees of Wells Fargo Bank drew bankers' attention to the fact that failure to closely monitor employee relations with customers can lead to unethical and even illegal behavior.

At the 2017 session of the Graduate School of Banking at LSU, a new course will be required of second year students dealing with the topic of ethics.  This difficult and important topic will be addressed by a retired LSU management professor who has extensive experience teaching in the area.   We expect the course to be a great success.