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Case study 2 should companies embrace social business
An essay on corporate social responsibility
Arguments for and against the concept of corporate social responsibility
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The expectation that businesses behave responsibly and positively contribute to society all while pursuing their economic goals is one that holds firm through all generations. Stakeholders, both market and nonmarket, expect businesses to be socially responsible. Many companies have responded to this by including this growing expectation as part of their overall business operations. There are companies in existence today whose sole purpose is to socially benefit society alongside businesses who simply combine social benefits with their economic goals as their company mission. These changes in societal expectations and thus company purpose we’ve seen in the business community over time often blurs the line of what it means to be socially responsible, how far a company should go to achieve this and just how much it should cost.
By definition, corporate social responsibility means that a “corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment.” This definition indicates a clear commitment to the people of society and implies that harm to the people should be immediately acknowledged and corrected. With any problem, this may come at considerable cost to a company. This commitment comes with the understanding that businesses will forgo profits if their actions negatively impact society in order to correct their mistakes or alternatively if positive social action can be taken they are expected to do the same where profits are concerned, within reason.
JPMorgan Chase is an American multinational banking and financial services holding company. With total assets of over $2.4 trillion, it is the largest bank in th...
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...1 Apr. 2011. Web.
3. "GHIF." Global Health Investment Fund. N.p., n.d. Web.
4. "JPMorgan Chase Publishes 2013 Corporate Responsibility Report." The Wall Street Journal. Dow Jones & Company, n.d. Web.
5. Lawrence, Anne T., and James Weber. Business and Society: Stakeholders, Ethics, Public Policy. Boston: McGraw-Hill Irwin, 2008. Print.
6. "New Skills at Work." New Skills at Work. N.p., n.d. Web.
7. Perlberg, Steven. "REPORT: JP Morgan Had A 'Sons And Daughters' Program To Promote Hiring Kids Of Chinese Officials." Business Insider. Business Insider, Inc, 30 Aug. 2013. Web.
8. Rucker, Patrick, and Jonathan Leff. "U.S. Says JP Morgan Manipulated Market; Settlement Seen." Reuters. Thomson Reuters, 29 July 2013. Web.
9. Tracy, Ryan, and Dan Fitzpatrick. "J.P. Morgan Settles Electricity-Market Case." The Wall Street Journal. Dow Jones & Company, 30 July 2013. Web.
...: Wall Street Insider - Financial News, Headlines, Commentary and Analysis - Hedge Funds, Private Equity, Banks. Retrieved January 15, 2012, from http://dealbreaker.com/2010/06/wachovia-vp-had-good-reason-to-steal-money-from-bank-that-youll-probably-never-understand/
This case is based on Mrs. Jennifer Sharkey, who sued J.P. Morgan & Co. (JCMC), Mr. Kenny, Mr. Green, and Mrs. Lassiter, alleging breach of contract and violations of the SOX anti-retaliation statute. The facts started when Mrs. Sharkey was assigned to a Suspect Client 's account where members of JPMC expressed to her their concern regarding to this account because they suspected that the Suspect Client was involved in illegal activities. After Mrs. Sharkey’s investigation, she claimed that she informed her conclusions to superiors Mr. Kenny, Mr. Green, and Mrs. Lassiter, of the Suspect Client 's potential unlawful activities, such as: money laundering, mail fraud, bank engaged in fraud, and violations of federal securities laws. After
Norris, Floyd. "Bausch & Lomb and S.E.C. Settle Dispute on '93 Profits." The New York Times. The New York Times, 18 Nov. 1997. Web. 16 May 2014.
For Chase bank the mission and vision should always be clear to their customers. "At JPMorgan Ch...
Mooney, Richard. "Banker of America." The Boston Globe 4 Apr. 1999: L1 "Powerful house of Morgan Changes with the Times." The San Diego Union-Tribune 24 Feb. 1986: 18 Sinclair, Andrew. Corsair: The Life of J. Pierpont Morgan. Toronto: Little, Brown and Company, 1981.
Introduction This paper will analyze the mission and vision statements of JPMorgan Chase & Co against the performance of the organization. An evaluation of how well the company lives out its mission and vision statement will be provided. The organization’s strategic goals linked to the company’s mission and vision will be assessed. An analysis of the company’s financial performance to determine the link between the company’s strategic goals, strategy, and its financial performance. A competitive and marketing analysis of JPMorgan Chase & Co will be conducted to determine its strengths and opportunities.
Wilson, James C. “ ‘Bartleby’: The Walls of Wall Street.” Arizona Quarterly 37.4 (1981): 335-346. Print.
In conclusion, JPMorgan Chase, Is a company with a very specific purpose? According to their website, the mission and values of J.P. Morgan Chase is "To be the most profitable, respected and influential investment bank in the world for the long term. In 2012 the court concluded that JPMorgan had breached its fiduciary duty in 2000 when it traded what are known as flexible prepaid forward contracts to the trust, a complex fee-rich product that the judge determined was unsuitable for the trust. Today with the improvement of banks security, online mobile banking is more safer.
Mackay, Tim. "The Ethics Of The Wolf Of Wall Street." Charter 85.2 (2014): 67.Web. 23 Mar. 2014.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
Lawrence, A. T. & Weber, J. (2011). Business and society: Stakeholders, ethics, public policy (13th ed.). New York: McGraw-Hill/Irwin
JPMorgan Chase operated about 5,100 branches in more than 24 states in 2013, reported revenues of $96.6 billion in 2013 and had 251,196 employees. JPMorgan Chase Code is SIC-6021 National Commercial Banks, they are famed for being a commercial bank and doing commercial work. JPMorgan Chase operates as the second largest U.S. bank, they invested in adapting to new technologies and automation to have a wide range of services. The company’s profit margin in 2014 was 39, and 2013 was 32, the 5 year net profit margin growth rate is 14.77. The commercial banking offers financial solutions like treasury, investment banking, lending, and many more like nonprofit entities and finances in real estate investors and owners. The revenue for the bank in 2014 came in at $23.9 billion, which was down 8 percent compared to the previous year. The industry standard for being a commercial banking client is $20 million in annual revenue. Commercial banking turned $2.6 billion in profit in 2013, which was slightly down from the previous year but was on pace with JPMorgan Chase’s history. Although Chase is well known for commercial banking, there is a weakness in decrease in client segment of middle market banking, lower purchase discounts on loan payments, and real estate banking. An opportunity to expand growth within Chase is to benefit from the growing of U.S. card payments, in transaction value card payments are expected to value U.S. $70 trillion in 2017 to stabilize economic conditions. It can benefit JPMorgan chase in many growth opportunities in online retail and mobile banking. Chase has improved in many areas, the annual earnings growth is looked to be above 12 percent but prefers higher than 20 percent, Chase’s annual earnings growth rate is 18.74 percent over the past 5 years above target growth
Management is responsible for the preparation and fair presentation of the consolidated financial statement of JP Morgan Chase Bank N.A. in accordance of GAAP. The main purpose is to recognize any reasonable assurance to test the consolidated financial statements of any material misstatements. The audit of JP Morgan Chase Bank N.A. present fairly, in material respects, the financial positioning of the firm.
However, there can be more definitions about what Corporate Social Responsibility can be. For example, Corporate Social Responsibility can be the commitment which is continuing for a business to behave ethically and bring to economy the development to improve the workforces’ of the whole society and local community and their families’ quality of life. Corporate Social Responsibility is also known as the obligation of a company to serve the society’s interest and of course its own. With the help of the Corporate and Social Responsibility, social and environmental concerns companies can integrate into their business and stakeholders operations.
Corporate Social Responsibility is management’s obligation to protect and promote their stakeholders welfare. Social Responsibility is more than just obvious ethical issues like honesty and integrity in business dealings.