International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Sunday, February 15, 2015

Good returns – What banks are putting back into communities

London.bankofengland.arpThe BBA released a report about US and UK banks' corporate social responsibility (CSR) initiatives in philanthropic work and volunteer work.

"In 2013, the six largest UK retail banks invested £366 million in communities worldwide – an increase of 9% since 2010. But making a positive contribution to society is not just about spending money. More than 181,000 employees spent in excess of 1.1 million hours volunteering on supported projects. In the same year the US banks we interviewed said they had pledged $912 million (£602 million) to their community and philanthropic work. Banks’ total investment rises from £968 million for the UK and US banks referred to above to in excess of £1 billion when other leading European and US banks are factored in. The extent of these sums reflects the importance banks attach to sustainability and corporate social responsibility (CSR) initiatives."

read the full report on the BBA website!

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