Business can be likened to an institution of archetypal stature, influencing not only how work organisations are managed but also what society values both socio-economically and morally. As such, it also carries a significant shadow that pervades the psyche of individual agents. The significance of this collective shadow raises important moral questions usually discussed under the term ‘business ethics’; however, too little attention is given to the unconscious influences that underlie most moral conflicts in business and within the context of work organisations. Jung’s insights into the moral dimension of the psyche and the ethical value of individuation have much relevance to a better understanding of the various types of moral tension in business and at work. In particular, Jung’s comprehension of the inherent moral struggle between the individual and the collective is discussed, and its value for reviewing the state of ethics in business is explained.