This paper examines the effect of CSR on the media reputation of corporations in crisis periods. As research object the media coverage of the Swiss banking industry before and after the financial crisis 2008 was selected. The method applied was a content analysis of Swiss newspapers between 2004 to 2010. The data shows that the financial crisis 2008 – as one of the major market disruptions in the recent past – fundamentally changed the public perception of CSR in the Swiss banking industry until today. Firstly, CSR got more important in the media coverage of the banks during the crisis and secondly had a negative effect on media reputation. This research therefore strengthens the notion of the relationship of CSR and reputation as a paradox or moral trap.