Third Star Financial Services is an “un-banked” business that was built from a foundation of several money transfer operations that can be transact through an agent or an online facility since 1996. Third Star’s goal and objective is to develop and implement an enterprise architecture platform for the organization that is more streamlined and leaned with consistent policies and procedures throughout the company. A consolidated, centralized and standardized single version of the business structure and a modernize technology that can provide ease and flexibilities to their new and existing customers, in addition to their support staff and management teams. Third Star current architecture consists of a collection of individually and independently
Wells Fargo & Company is an American public company which deals with banking and financial services headquarters in San Francisco, California. It is the word second largest bank in the market capitalization and ranked as the third largest in the U.S in terms of its assets.
JP Morgan being the colossal financial entity that it is, has been deep rooted into the American economy and its lifestyle. Even though the same can be
Although only required to discuss two associations this writer thought it was important to discuss the SEC as they are directly connected to FINRA in that they take litigation cases, and fraud cases from FINRA and follows up on whether any security laws or criminal laws were broken. Once they investigate the wrong doing they proceed with the corrective action that best suits the offense not excluding criminal prosecution and jail time. According to the Securities and Exchange Commission (2014) website the mission of the SEC is to “protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation”. The SEC was created to ensure that all investors big or small have a fair and unbiased account of a companies transactions and current state of affairs.
When the scandal of American express came to light. Warren Buffet believed American express shouldn’t have to pay the sixty million it offered to pay but rather they should have to accept blame and admit to. Buffett even at his own expense offered to testify describing how management was trying to plan to settle. American express ended up paying out large amounts of money; however, was able to bounce back and get its company’s stock back up by 1964. Many were surprised when Buffett wanted to testify because even though he was notorious for being honest just like his father but he had never tried to turn his investments into a place where all their secrets were out in the open.
Wells Fargo, one of the biggest banks in the United States and used by almost 50 million people around the world was found guilty of fraud in 2016. Founded 165 years ago, with their headquarters in San Francisco, California; this bank has become one of the most important banks in the country providing different services such as banking, insurance, investments, mortgage, and financial services according to their website. Even though this company became one of the largest bank in market capitalization in the world; due to the fraud scandal last year all of that faded away. According to a study by the International Journal of Academic Research in Accounting, Finance and Management Sciences; fraud is defined as “the process of using one's occupation
During the past year Wells Fargo, a well-recognized bank of the United States, has been trying to clean its name and the mess it got itself into, when it was brought to the public that the bank was involved in generating fraudulent checking and savings accounts for its clients without their knowledge or their authorization. “The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent”
In 2015, Wells Fargo was named as the world’s most valuable bank being worth around 2 trillion dollars (Fortune, 2015). Wells Fargo started out of San Francisco with growth in the right direction for the U.S. economy. They are a financial services company that has banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, the internet (Securities and Exchange Commission, 2015). With Wells Fargo progressing and gaining prosperity, it is a shame that they took a negative method to get to this point. The Wells Fargo scandal has caused many to look at the company poorly. They have lost copious clients due to their bad ethical misconduct and not treating customers with respect following
JPMorgan Chase & Co. has sales per employee average of $10,660,900 over time since 2014. The industry focused and includes commercial banking, (primary industry), securities brokerage, and offices of bank holding companies. JPMorgan Chase was the largest bank by assets with $2.46 trillion. Commercial banking, (industry code 522110) offers Chase an industry-specific financial solution to their entire customer needs to ensure meeting business goals in providing customized business solutions. Organizations with annual revenues generally ranging from $20 million to $2 billion turn to us for comprehensive financial solutions including treasury services. (JPMorgan.com). Securities brokerage, (industry code 523120) is made up of establishments in
The history of Lehman Brothers (LBs) is dated back to 1844 when Henry Lehman and his two brothers established a small shop in Alabama (United States) to sell groceries and other commodities (Geisst, 2001). In the early 1900’s, they formed to a greater business company trading on the New York exchange market and the Cotton Exchange, which successfully promoted the family business to the retail giants with a partnership with Goldman and Sachs (Geisst, 2001; Wechsberg, 1966). Subsequently, the further opportunity raised in collaboration with some firms in the railway industry such as the Baltimore and Ohio railways, Chicago railways and others (Harward Business School, 2012). In 1975, the company achieved its success when it became the 4th largest investment bank in the US by merging with Kuhn, Loeb and Company, which boosted their financial activities in the financial market (Sloane, 1977). In the new line of business by diversifying their operations from a small shop via investments in the industry sectors, eventually they transformed to the company operating in the banking and brokerage (Geisst, 2001). Although LBs experienced remarkable successes and achievements, the housing market bubble in USA led to their collapse causing that in September 2008 the company filed for chapter 11 bankruptcy petitions that triggered a negative flow of consequences (Caplan et al., 2010).
Introduction Pramuka Savings and Development Bank (PSDB) was incorporated in 1997 as the first private savings bank in Sri Lanka. Mr. Rohan Perera was the founder of Pramuka Bank and was the founder and chief executive officer of Seylan Bank previously. After resigning from Seylan Bank, Mr. Perera applied for license to incorporate a commercial bank from Central Bank Sri Lanka. But Central Bank only gave license to operate a Savings and Development Bank. But that was also a debatable topic.
The past few years have been a turbulent time for the international bank causing unparalleled financial and reputational damage as a result of a number of events of severe divergence and fraud on the CSR framework at HSBC and the global standards that HSBC abide by. HSBC was a case study for the United States Senate Permanent Subcommittee on Investigations (PSI) looking at U.S. Vulnerabilities to Money Laundering and Terrorist financing. Described by chairman Douglas Flint as the toughest in HSBC’s history the PSI concluded that HSBC, and its U.S. affiliate, exposed the U.S. financial system to a “wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls” (United States Senate 2012). The events caused many to question the role that HSBC, and the banking system in general, plays in society.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
receiving money by means of computers in an easy, secure and fast way using an account-based system. This can be
I would like to build my career in banking industry. In this era of up-and-coming technologies I think IT will play major role in my business. Implementing Service Oriented Architecture (SOA), my employees will value the process of high performance by getting knowledge of IT, customer relationship management (CRM), supply chain management (SCM) and the essential of maintaining good relationships with my customers. First and foremost, SOA can help to cut the IT controls and allows banks to be a joint venture with other banks and with their customers more effectively. SOA helps to solve the business problems, to enlarge multi channels, to build human skills, and make the bank transactions faster and easier. SOA helps to keep up profitability, updating with agility and to keep away from unnecessary risks. ERP supports SOA to run the business smoothly. Banks have to keep daily accounting. With the help of ERP, IT department is able to keep correct accounting and financial data. Consequently, ERP helps to improve the customer service quality which improves customer relationship manager (CRM) and to understand customer requirements. Furthermore, customer feedback database will help my employees to give better service with standard quality.