An analysis of corporate social responsibility, trust and reputation in the banking profession

Abstract

Bankers and other financial services professionals play a fundamental role in determining the economic fortunes, stability and sustainability of modern economies. Using Carroll's (1991) four part model of CSR and evidence from a small interview survey and desk study of documented interviews, CSR reports and other representations from bankers, the chapter explores bankers' understanding of and approach to CSR in a global environment and in a variety of contexts. Secondly, bankers' involvement in CSR is analysed from a variety of sociological perspectives. We suggest that trust, reputational and regulatory risks are of particular concerns in bankers' efforts to engage with CSR. While bankers may have made some advancement in embedding CSR through reporting initiatives and at a firm and strategic level, such an approach has shortcomings when the role and place of the banking profession is considered from a wider sociological perspective. For bankers to engage meaningfully with and embed CSR, they must look beyond their functional role in society. © 2010 Springer-Verlag Berlin Heidelberg.