Banks’ profit obsession led to decline in ethics, says official

THE obsession of banks with profits has led to an alarming decline in ethics in the financial sector, it was claimed yesterday.

The Irish Bank Officials’ Association (IBOA) also accused the banks of operating a climate of fear which has led to increased stress levels among staff.

In a written submission to the Joint Oireachtas Committee on Finance, IBOA said the culture of profit was driven from the top and it had displaced the values of serving customers and playing a role in communities.