A leaked internal survey from the European Investment Bank shows that 50% of staff feared "repercussion" for whistleblowing when responses were collected in 2023.
Of those who had already spoken up about misconduct, only 14% were satisfied with the outcome.
Merely 40% of respondents, meanwhile, thought the bank would protect staff who raised concerns in good faith - and take their concerns seriously.
The survey, which the FT reported, accompanies testimonies of dissatisfaction from more than 10 current and former employees.
"Many members of staff are afraid to speak up, fear retaliation and do not believe that corrective action is/will be taken," said a note from EIB staff given to the FT.
Employees also complained of a lack of openness surrounding job allocations, leading to political appointments.
The EIB does have a whistleblower policy in place, although staff surveys have recurrently revealed that employees are unhappy with the bank's ethical standards.
In 2019, only 30% of respondents ranked the bank highly for professionalism, ethics and integrity. In 2022, this total was recorded at 35%.
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The bank's public whistleblowing policy states: "Whistleblowers have the assurance that their reporting will be assessed in the appropriate manner and that it may lead to an investigation. If the allegations are confirmed, the relevant EIB group entity shall take all necessary steps to identify appropriate remedies and actions."
The policy also underlines that "actions of retaliation" against those who speak up are "forbidden".
Former Spanish Finance Minister Nadia Calviño became the EIB's new president at the start of this year, replacing her predecessor Werner Hoyer.
Hoyer, who was the EIB president between 2012 and 2023, is currently facing a probe linked to the alleged misuse of EU funds.
Calviño has pledged to improve workplace culture at the EIB, although employees have questioned her capability on this front.
"After the last 12 years, staff are in sort of a trauma," one employee told the FT.
"This cannot simply be healed by throwing some points on a piece of paper."
In July, the EIB launched an action plan to improve transparency, accountability and well-being in the workplace.
One proposal includes the establishment of an independent ombudsman to handle staff complaints.
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