Nearly all banks talk about corporate responsibility, few make it integral to the way they work. What sets Bank of America apart is that it has been doing just that for years and this year it receives the award for North America’s best bank for corporate responsibility.
Vice chairman Anne Finucane, who leads the bank’s ESG efforts, argues that much of its approach is the result of its history. In the wake of the 2008 financial crisis, the bank felt broken. When Brian Moynihan took over as chief executive in 2010, he was convinced it needed a complete overhaul to allow it to stand the test of time and be fit for the future. That came to be reflected in the bank’s “responsible growth” mantra that Moynihan has championed ever since.
“This was not just about being a good place to work but looking at how we interact with customers and be a valued member of our community,” says Finucane.