For bankers transparency is often a challenge. Confidentiality when used to protect the information of a client is worthwhile. However, banks too often use confidentiality to avoid public knowledge for challenges they face or errors they make. Recently HSBC settled an employment issue with the result that a potential whistleblower would not publicly provide information that might have been embarrassing. Credit Suisse similarly has not been public about their efforts to get information on Greenpeace regarding their focus on reducing Credit Suisse’s involvement in financing carbon related projects. In both cases the information slowly will come to the surface and likely lead to reputational damage. But then the real question should be why no one in the bank management challenged the dubious activities in the first place!!!
