A Code Of Ethics And Ethics Of Bank Of America

The first stated values, states that Wells Fargo’s value open, honest and two communication, which did open a hotline dealing after the scandal and handle the customer service. Though, I would not consider that company honest, but maybe openness after the fact. The second state values is based on accountable and proud of their conduct and decision dealing with Wells Fargo’s. Though, Wells Fargo is unethical in it business practices still used well known business practices and process to motivate salespeople open multiple accounts without the customer permission. Such as training employee in techniques into frauding customers and a system of rewarding for such behavior. Which shows a totally disregard for the customer financial well being

Banks also involved in international banking through the foreign exchange market. By trading in these markets banks often can reduce their risk. So wells Fargo bank can reduce their risk by involving in this trading. The Lack of control in management are the main responsible of these kind unethical acts. Wells Fargo should take a useful action against their employees, not only firing them, but also control and giving well training about the customer service and above all banking. They should train professionally, which means besides the business employees should take decision ethically. Because “a business mindset leads to dishonesty and lack of consideration for other things like moral issues”

Wells Fargo had expectations that employees must have a high sale of 20 products a day. Employees have been nudged by their superiors to make fraudulent accounts to meet these unreasonable quotas. Once the scandal was known to the public, not only did it damage the trust of their clients, it seems unattractive for new workers to work there, and in the end, the company loses money through penalties and reimbursements. The goals should be (A) Refund 100% every single person affected by the fraudulent accounts and work with clients whose credit scores are likely to decrease because of it, (B) Treat employees as an asset and use positive incentives instead of quotas, and (C) Increase quality of customer service. These are communication goals for the long-term, which should be set in motion to regain trustworthiness and turn back the company name to the original status or

I am writing to you regarding recent Wells Fargo’s fraudulent accounts issue. Today, we see ethical failings repeatedly in corporate America despite the talk of the importance of ethics. While people have seen from previous scandals that the gains from unethical schemes are short-lived and result in much larger repercussions, recent corporate scandals prove that the lessons of previous scandals have not yet been learned.

Last year, a sales scandal erupted at Wells Fargo when its employees were exploited for opening unauthorized accounts in order meet quotas. This ethical breach occurred because one manager, who went against regional executives, told her employees to boost sales at any and all costs. The root cause of Wells Fargo’s ethical failure was pressuring employees to meet excessive and unreachable performance goals (Carucci). One of Wells Fargo’s primary values is ethics, where “honesty, trust, and integrity are essential for meeting the highest standards” (“Our Values”). Yet, employees distorted this value by taking advantage of Wells Fargo’s pay incentives for opening new customer accounts. Wells Fargo’s employees were placing their own

Ethics of Penn Square Bank and the Dow Corning Bankruptcy Penn Square Bank: What were the ethical pressures on the firm concerning documentation, credit extension, and revenue recognition that lead to the final collapse? What should have been done to reduce or offset these pressures?

Currently aspiring to work within a large financial services bank and actively participating in the recruitment process creates a personal connection and relevance to understanding JPMorgan Chase & Co.’s culture. The core of the bank has existed for over two hundred years and has become the giant it has through several mergers and acquisitions over its history. On top of this, Wall Street and the businesses that occupy it are continuously under public scrutiny due to the unethical behaviors that tend to be common in the industry. This has led to a public discontent for the industry, but JPMorgan Chase & Co. is attempting to overcome that hurdle through a unique culture. This culture is founded on ethics while still maintaining a completive nature that is embedded in the industry. They have structured their organization and policies in a way to prevent and report unethical actions employees may engage in. Through various bits of research, we are able to dig deeper into the culture enabling us to get a true understanding of the environment within JPMorgan Chase & Co. This allows one to determine the culture’s strengths and weaknesses. By analyzing JPMorgan Chase & Co.’s corporate culture in relation to research including Hofstede’s Cultural Dimensions unlocks a deeper perspective that allows one to gain a true understanding of what it is like to work for JPMorgan Chase & Co while assessing if they are capable of achieving their vision.

Bank employees are alleged to have used existing customer names and accounts to open new checking accounts and transfer funds to them, create new credit cards, enroll in online banking, and order and activate debit cards without customer knowledge. Consequently, Wells Fargo employees were victims of contextual pressures. Furthermore, the employees act in unethical conducts causing the company in a loss of

Wells Fargo is an international banking company that holds its headquarters in San Francisco, California. Many customers relied on the Wells Fargo banks and trusted them with their money because they were considered one of the better banks out there without many issues regarding fraud or scam. However, the trust of this bank soon ended when there was a fine against San Francisco employees for opening accounts and credit cards that may not have been approved by customers. The reasoning behind this scandal was so that the company could meet their sales quota, yet the unethical approach goes against the business ethics of the company.

The guidelines for code of ethics as established by the Federal Deposit Insurance Corporation (FDIC) develop a guide to encourage management of financial institutions, including the board of directors to spread their message of integrity and ethical values to all those involved with the organization. The suggested policies the FDIC encourage to be developed are:

The expansive ethical standards give customers some level of solace; the use of those standards to particular circumstances can be to some degree ambiguous. Keeping in mind the end goal to elucidate the utilization of its code of morals, the CFP Board has incorporated an arrangement of guidelines all the more particularly talking about regular issues that emerge amid financial arranging.

The general consensus amongst society associates the banking sector with greed, corruption and deceit, this underlying opinion has been reinforced and articulated since the last financial crisis. This opinion alone illustrates that there is a great need to change banking culture and ethics to close the increasingly growing gap between retail bankers and their clients.

Bank of America is a multinational financial cooperation and a banking institution with its headquarters based in Charlotte, North Carolina. In terms of assets, the bank is ranked the 2nd largest banking corporation in the United States of America and the 26th largest company in terms of total revenue. The bank operates in more than 35 countries with a customer base of more than 47 million clients with 4,500 retail centers in the banking sectors. Its Chief Executive Officer is Mr. Brian Moynihan, who is also the chairman of the Board of Directors (Bank of America, 2017). The bank offers its clients with a variety of services such as asset management, banking, investment, credit and risk management services. This paper, therefore, seeks to explore the current opportunities, potential opportunities, and risks that Bank of America encounters in its business operations in different countries.

International Paper Named To 2013 World's Most Ethical Company List For Seventh Straight Year By The Ethisphere Institute

Banks must also understand that they have a social obligation to their clientele which includes serving the interest of the society in which it operates. The irony is that all banks have in place “Ethics Policies”? But what does this represent? Have ethics become one sided? Or have they simply lost the health of their soul.