Ethics in the Banking Sector

  • Alina Ionaşcu Ovidius University, Constanta, Romania
  • Corina Aurora Barbu Ovidius University, Constanta, Romania
  • Alexandra Popa Ovidius University, Constanta, Romania
Keywords: ethics, behaviour, banking, organizational culture


Ethics or rather its lack in finances it is a very popular topic nowadays. Banks have an important role in the economy and must have a certain behaviour towards the society, therefore must follow the moral norms. Each banker has his set of values, which form the basis for judging what is "right". All the commercial banks have their own set of rules inspired by organizational culture and management, rules that follow the Banking Code of Ethics. During their activity, banks will seek to ensure a balance between the interests of customers, shareholders, investors and stakeholders. The paper discloses the main trends and issues of banking ethics and the customers` experiences with the Romanian banks.

Financial inclusion and ethical sustainability regarding the banking system is an important subject for researchers and bankers. Moreover, the lack of clear ethical norms regarding the manner of communicating the interests and commissions from the contract are affecting the customer relationship with the bank. The study aims to increase the attention paid to customer interests in relation with the banks and also the public confidence in the financial banking field, by standardizing the norms of integration and applied ethics of the country. An immoral behaviour destroys the trust, and without trust, businesses cannot grow.

The purpose of the paper is to illustrate and correct the main dysfunctions in the banking sector regarding the ethical behaviour, how banks can adapt to the requirements of the society, how the Banking Code of Ethics can be improved. Confidence in the banking environment expresses the presumption of continued economic activity.

Author Biographies

Alina Ionaşcu, Ovidius University, Constanta, Romania

Ovidius University, Constanta, Romania

Corina Aurora Barbu, Ovidius University, Constanta, Romania

Ovidius University, Constanta, Romania

Alexandra Popa, Ovidius University, Constanta, Romania

Ovidius University, Constanta, Romania


Boubaker, S., Cumming, D., & Nguyen, D. K. (2018). Research handbook of finance and sustainability. Edward Elgar Publishing.

Fetiniuc, V., & Luchian, I. (2014). Banking Ethics: Main Conceptions And Problems. Annals of the University of Petroşani, Economics, 14(1), 91-102.

Irving, S., Harrison, R., & Rayner, M. (2002). Ethical consumerism-democracy through the wallet. Journal of Research for Consumers, 3, 1-20.

Krishna, A., Dangayach, G. S., & Jainabc, R. (2011). Business Ethics: A Sustainability Approach. Procedia - Social and Behavioral Sciences, 25, 281-286.

Llewellyn, D. T. (2014). Reforming the culture of banking: Restoring trust and confidence in banking. Journal of Financial Management, Markets and Institutions, 2, 221-236.

Pearce, D. W. (1997). Substitution and sustainability: some reflections on Georgescu-Roegen. Ecological Economics, 22(3), 295–297.

Peterson, A. (2009). Everyday Ethics and Social Change: The Education of Desire. Columbia University Press.

The economist. (2013). Does CSR work? The economist.

Tischer, D. (2013). Swimming against the tide: Ethical banks as countermovement. Journal of Sustainable Finance & Investment, 3, 314-332.

How to Cite
Ionaşcu, A., Barbu, C. A., & Popa, A. (2023). Ethics in the Banking Sector. LUMEN Proceedings, 19, 137-145.