Since the turn of the century, the study of business ethics has emerged as one of the leading fields of research, mainly due to the many examples of ethics scandals in large organizations around the world. This study explores the relationship between reward management and ethical behaviour in the Irish banking sector. The research involved qualitative in-depth interviews with three managers working in the Irish banking sector. The results showed that most banks reward ethical behaviour, but there is no consensus that rewards have a positive impact on the ethical behaviour of employees. Results also found that managers generally avoid using the term ' punishment,' but admit to its use in other forms. Based on these findings, it is recommended that HR managers should take responsibility in communicating ethical values and assessing the ethical orientation of employees with a view to building an ethical workplace culture in the banks.