Leading up to the financial crisis, Wells Fargo pedaled subprime mortgages and targeted black neighborhoods with toxic loans. Our mission has never been more vital than it is in this moment: to empower through understanding. Financial contributions from our readers are a critical part of supporting our resource-intensive work and help us keep our journalism free for all.
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We also look at app-based banking, which banks own which brands, fossil fuel investments, tax avoidance, and how to switch accounts. Ethical Savings Accounts. Finding the most ethical savings account, with ethical and environmental ratings for 52 accounts and Best Buy recommendations. We also explore other options including building societies and credit unions, take a look at Islamic banking, and detail the issues around tax avoidance, funding fossil fuels and nuclear weapons producers, and executive pay.
Ethical Investment Funds. Ethical ratings for 20 green and ethical investment funds. How to choose an ethical investment fund, returns on ethical investments, fund carbon footprints, transparency, alternative investment methods and Best Buy recommendations.
HSBC Holdings plc. Barclays Bank Plc. Email Address. First Name. Moreover, it also controls seventeen percent of all home mortgages. The continued success of the Bank of America is indicative of a governmental bias. The next on our list of unethical banks is HSBC. HSBC is another bank that checks all the boxes of unethical and socially malicious banking.
In addition, the bank extends support for multiple oppressive and corrupt movements, of which we are just able to scratch the surface. For example, the bank has facilitated Palestinian oppression by financing weapons businesses supplying equipemnt to the Israeli armed forces.
Moreover, It has publicly supported Chinese oppression in Hong Kong. On the environmental front, HSBC continues to be one of the companies financing the Amazon crude oil extraction operations. The bank has gained a reputation for making money off fossil fuel extraction and exploitation.
Wells Fargo and Company has been through a recent scandal exposing their fraudulent activities and has paid for it in terms of a destroyed reputation.
The bank has admitted to creating as many as 3. Moreover, it later tried to cover up this fraud by holding an ethics workshop, a move that was exposed and backfired spectacularly.
In addition to this, Wells Fargo and Company also confessed that they had massively overcharged mortgage fees, stealing money from its customers that they never needed to pay. As a result, many customers suffered by having their cars repossessed. Citigroup managed to recover somewhat after the crisis it faced about a decade ago.
The bank was exposed for violating multiple Federal Housing Administration FHA policies using fraudulent mortgage practices. However, Citigroup continues to be full of red flags owing to the causes it supports. Citibank has been using the money made from students at MIT to fund its criminal activity. It has funded deforestation in both the Californian Redwoods and the Amazon rainforests, thereby contributing to the displacement of millions of indigenous people.
Financial transparency is something unethical banks have always had trouble with. JPMorgan Chase is no different. The bank failed to mention this massive amount in trading losses in its annual report.
Moreover, JPMorgan Chase has admitted to extensive market manipulation over the years. For example, Barclays is one of the significant financiers of coal mining in Bangladesh. Not every bank was on the report list, but all the top banks are involved in extreme fossil fuel extraction, a major factor that is increasing global warming at top speed.
Nationwide was excluded from the list, but are rated highly by the Ethical Consumer , for its principles and for making no investments into unethical practices, such as weaponry and fossil fuels. Investments go far beyond accelerating climate change.
Unfortunately, their unethical investments don't stop at accelerating climate change There was no mention of Lloyds Bank owns Halifax and Bank of Scotland in the Banking on Climate Change report, but that doesn't mean they are clean!
In fact, they are in the Ethical Consumers category of worst banks for tax avoidance see here , along with:. Barclays Bank and RBS had a middle rating. The banks that were rated the best included:. Banks around the world use unethical practices and offshore schemes, stopping at nothing to avoid tax. In HSBC was involved in a criminal tax avoidance scandal , aiding wealthy customers around the world to evade hundreds of millions of pounds worth of tax.
In both Santander and Barclays faced legal action over multi-million-pound tax avoidance schemes used by the wealthy. Barclays and HSBC had shareholdings and loans, totalling nearly 62 billion pounds between them. Lloyds did not have any shareholdings but had made a In 'Don't Bank on the Bomb' created a global report on the financing of nuclear weapons. The report provides detailed information "about the use, production, transfer and stockpiling of nuclear weapons, as well as about investments in companies that produce nuclear weapons".
I have created a summary chart of the investments made available to nuclear weapons by the main UK banks search for your bank on the full report, if it is not displayed on this list.
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