© 2011

Ethics in Investment Banking

  • Authors

Table of contents

  1. Front Matter
    Pages i-xiii
  2. John N. Reynolds, Edmund Newell
    Pages 1-11
  3. John N. Reynolds, Edmund Newell
    Pages 12-32
  4. John N. Reynolds, Edmund Newell
    Pages 33-50
  5. John N. Reynolds, Edmund Newell
    Pages 51-62
  6. John N. Reynolds, Edmund Newell
    Pages 63-74
  7. John N. Reynolds, Edmund Newell
    Pages 75-99
  8. John N. Reynolds, Edmund Newell
    Pages 100-125
  9. John N. Reynolds, Edmund Newell
    Pages 126-143
  10. John N. Reynolds, Edmund Newell
    Pages 144-153
  11. John N. Reynolds, Edmund Newell
    Pages 154-159
  12. Back Matter
    Pages 160-178

About this book


The financial crisis focused unprecedented attention on ethics in investment banking. This book develops an ethical framework to assess and manage investment banking ethics and provides a guide to high profile concerns as well as day to day ethical challenges.


banking ethics investment investment banking

About the authors

JOHN N. REYNOLDShas been described in the media as a 'world class investment banker' and 'highly intelligent but aggressive'. He has had a 20 year career in investment banking, spanning equity research, mergers & acquisitions, financial restructuring and principal investment. He has been a top rated equity analyst, has led ground-breaking multi-billion dollar acquisitions, and has successfully originated high-return investment strategies. Prior to becoming an investment banker John studied theology at Cambridge University. From 2006 to 2011 he chaired the Church of England Ethical Investment Advisory Group, which advises the Church's major investment bodies on ethical and governance issues. The combination of a successful career in investment banking and the experience of leading an influential ethical investment body gives him a unique perspective on ethical questions facing investment bankers.

EDMUND NEWELLstudied Economics and Economic History at University College London and at Nuffield College in the University of Oxford, where he was both a Prize Research Fellow and British Academy Postdoctoral Fellow. Now a priest in the Church of England, he is Sub-Dean of Christ Church, Oxford, having previously been Chancellor of St Paul's Cathedral, London, and founding Director of St Paul's Institute. He is a member of the Church of England's Ethical Investment Advisory Group and was the first Chaplain to the Worshipful Company of International Bankers. He writes and speaks on issues to do with faith, ethics and economic life, and is a founder of the Faith and Work Forum, which provides resources for businesspeople to explore workplace issues from a religious perspective. His publications include (with Sabina Alkire) What Can One Person Do? Faith to Heal a Broken World.

Bibliographic information

Industry Sectors
Finance, Business & Banking


'Reynolds and Newell have produced a well-informed assessment of the multiple ethical issues that investment bankers must confront. With an insider's view of the industry as well as expertise in applied ethics, they focus on the critical differences between compliance and ethics. The result is a no-nonsense book full of practical and workable solutions to ethical problems. Ethics in Investment Banking could not be more timely, making it very clear that there is no excuse for the absence of a strong ethical foundation to investment banking.'

- Lord Myners

'Whether banks, including especially investment banks, lost their moral and ethical compass, as well as vast amounts of shareholders' capital, is a fair question to ask in the wake of the financial crisis. What is clear is that sustainable returns in banking can only be achieved if banks act fairly and responsibly to their key stakeholders. This book makes an important contribution to considering this question.'

- Sir Philip Hampton, Chairman, RBS

'This book needed to be an insight into what it feels like to be immersed in the complicated end of banking. Even the controversial views are informed ones. Read this book and be grateful for those who wrestle with what it means to be salt and light rather than enjoy the moral purity of the spectator.' - John Ellis, Faith in Business Quarterly