Banking reputations take a pounding

US banks and financial services are now regarded as the country’s least ethical companies, according to the results of an annual CSR index.

Financial sector companies tumbled to the bottom of the Boston College Reputation Institute 2009 CSR Index, while consumer brands dominated the top 50, led by Disney and Microsoft. No financial companies reached the top 50.     

The index, based on a survey of US consumers, is intended to capture ‘public perception about a company’s corporate citizenship, governance and workplace practices’.

Chris Pinney, research and policy director at the Boston College Center for Corporate Citizenship, said: ‘While the overall reputation of the American business sector has been tarnished with a broad brush, many individual companies still stand out as responsible leaders in the eyes of the public.’

This year’s index also shows the US public place a higher premium on ethics and governance than consumers in most other countries.

The College said: ‘A company’s reputation today goes beyond products, services and financial performance. Organizations face increasingly higher expectations from the general public across the different aspects of their business.’