Economy: Questionable practices of French banks revealed

For centuries, banks have dominated our economy, establishing themselves as the undisputed masters of the financial system. But behind this respectable facade hide some unsavory practices. The study carried out by 60 million consumers reveals that large banks, such as BNP Paribas, Société Générale and Crédit Agricole, accumulate social, environmental and fiscal abuses. This damning observation highlights questionable management which has a profound impact on their customers and the economic future.

Economy and environment: the hidden cost of big banks

The big banks, supposed to be the pillar of the global economy and logically in the green after the appointment of Michel Barnier as Prime Minister, turn out to be dmajor players in questionable environmental practices. L'study carried out by several NGOsassociated with 60 million consumers, shows that institutions like Crédit Agricole, Société Générale and BNP Paribas nThey are not as virtuous as they claim to be.

Their massive support for fossil fuel projects or industries responsible for deforestation is overwhelming proof of this. THE Credit Agricoleoften described as a “green bank”, has invested 243 million euros in Brazilian deforestation companieswhile BNP Paribas lent nearly 2 billion euros to these same industries.

These banks, while displaying environmental commitments, do not hesitate to maximize their profitsoften to the detriment of the ecological future of the planet.

In terms of tax transparencyit’s a real festival of optimization. There Société Généralefor example, invested 16% of its profits in tax havens. But that's not all: these big banks are not left out when it comes to circumvent the fight against money laundering and terrorist financing.

Here are some key figures from the report:

• Crédit Agricole: 243 million euros in deforestation;
• BNP Paribas: 2 billion euros lent to destructive companies;
• Société Générale: 16% profits in tax havens.

All this leaves a bitter taste regarding the real commitment of these institutions to a more sustainable future.

TradFi: social and pricing practices under the microscope

The world of traditional finance (TradFi) is also undermined by this report which reveals that large banks, in particular BNP Paribas and Société Générale – the latter being the author of a Euro stablecoin project recently deployed on Solana, apply extremely harsh social and pricing policies towards their most vulnerable customers. Managing overdrafts and exorbitant bank fees have become a real nightmare for those going through financial difficulties.

These establishments do not hesitate to invoice newsletters for accounts receivable at a premiumfurther increasing the burden on customers already in distress.

Société Générale is distinguished by a dizzying salary gap: its CEO, Slawomir Krupa, perceives remuneration 45 times higher than that of the average of its employees.

The inequalities don't stop there. The study highlights a glaring inequality in terms of gender parity within management positions. The governance of these establishments remains predominantly male, and efforts to promote real gender equality remain very timid.

From a global perspective, TradFi seems completely out of step with current social expectationsfar from the ideals of justice and solidarity that it should embody.

This observation raises a fundamental question: how can banks, supposed to be at the service of the economy and their customerscan they justify such practices? It is becoming obvious that promises of social and environmental responsibility are often just a facade to hide deep-seated abuses.

Fortunately, banks like Goldman Sachs and BNP Paribas are starting to integrate bitcoin (BTC) and other cryptocurrencies into their ecosystem, proof that certain financial institutions are finally becoming aware of the challenges of the future. Or is it a trick?