Business Ethics in the Banking Sector PDF Download

Author:
Publisher:
ISBN:
Category : Banks
Languages : en
Pages : 168

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Author: Christopher Cowton
Publisher: Routledge
ISBN: 0429825889
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
The global financial crisis (GFC) that began in 2007 concentrated attention on the morality of banking and financial activities. Just as mainstream businesses became increasingly defined by their financial performance, banks, it seemed, got themselves – and everyone else – into trouble through an over-emphasis on themselves as commercial enterprises that need pay little attention to traditional banking virtues or ethics. While the GFC had many causes, criticism was legitimately levelled at banks over the ethics of mortgage creation, excessive securitisation, executive remuneration, and high-pressure customer sales tactics, amongst other things. These criticisms mirror those that have been levelled at the business more generally, particular in the last decade, although the backdrop provided by the GFC is more dramatic, and the outcomes of supposed wrongdoing more severe. This book focuses on business ethics after the GFC; not on the crisis itself, but how we should respond to it. The GFC has focused minds on the proper role of ethics in the understanding and conduct of business activity, but it is essential to look beyond the crisis to address the deeper challenges that it highlights. The aim of this volume is to present examples of the latest philosophically-informed thinking across a range of ethical issues that relate to business activity, using the banks and the GFC – the consequences of which continue to reverberate – as a point of departure. The book will be of great value to researchers, academics, practitioners, and students interested in business, ethics in general, and business ethics in particular.

Author: Gabriel Socha
Publisher: GRIN Verlag
ISBN: 3668971897
Category : Business & Economics
Languages : en
Pages : 21

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Essay from the year 2019 in the subject Business economics - Business Ethics, Corporate Ethics, grade: 2.0, Leipzig Graduate School of Management, language: English, abstract: This paper aims to clarify ethical dilemmas within the financial sector according to the concept of moral discernment. To achieve the goal of this paper, two ethical theories, namely deontology and utilitarianism, are briefly explained. Then, two banking industry-specific situational ethical conflicts are illustrated. The first conflict, mis-selling of financial products, is analyzed by the concept of deontology. The second conflict, the use of artificial intelligence in credit scoring is analyzed from a utilitarianism perspective. Additionally, various ethical concepts are introduced to give practical measures on how firms can cope with these situational conflicts. Todays’ business world is often characterized by “VUCA” – volatility, uncertainty, complexity, and ambiguity. In such a world, managers are faced with constantly changing challenges that can lead to ethical conflicts within business environments. Therefore, more than ever before, guidelines are needed to prevent business behavior that destroys relationships between stakeholders. As the internet and in particular social media increase transparency, ethical behavior within companies is of significant priority to build and hold relationships that are both profitable and sustainable. At least since the global economic crisis in 2008, the banking industry is in strong criticism due to unethical and partially illegal actions. Even though this strong criticism created high pressure on regulators and banks to prevent these business practices, banking scandals do not seem to subside. Thus, it cannot be denied that the banking industry has problems dealing with moral conflicts.

Author: Peter Koslowski
Publisher: Springer Science & Business Media
ISBN: 9400706561
Category : Business & Economics
Languages : en
Pages : 218

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The Ethics of Banking analyzes the systemic and the ethical mistakes that led to the crisis. It keeps the middle ground between excusing all failures by the argument of a systemic crisis not to be taken responsibility for by the financial managers and the moralistic reproach that only moral failure is at the origin of the crisis. It investigates the role of speculation in the formation of the crisis and distinguishes between productive speculation for hedging and for securing market liquidity on the one hand, and unproductive and even detrimental hyper-speculation going far beyond of the degree of speculation that is necessary in a developed economy for the liquidity of financial markets, on the other hand. Hyper-speculation has increased the risks of the financial system and is still doing so.

Author: Leire San-Jose
Publisher:
ISBN: 9783030000011
Category : Accounting
Languages : en
Pages : 600

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Author: Jes Villa
Publisher: Springer
ISBN: 1137340282
Category : Business & Economics
Languages : en
Pages : 226

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The solution to the uninhibited lending that was commonplace before the financial crisis has been to introduce tighter regulation to ensure robustness within banks. However, this solution has overlooked the underlying problem of ethical failure in the industry. In the wake of numerous bank collapses, many survivors continue in unprincipled conduct because ethical virtues have not been instilled. This book investigates the ethical basis of banking practice. It explores the conflict between the interests of banks and their customers, and how this conflict plays out in relation to the lending policies and fee structures of banks. Where such lending policies have a significant effect on banks, their customers and a range of stakeholders, the author investigates the views of leading bankers on their lending practices. The author then goes on to debate the events of the global financial crisis from a moral perspective, and argues that ethical failure triggered the American sub-prime calamities which have devastated homeowners and the global economy. The book argues that American banks and regulators both operated on the erroneous supposition that the quest after extreme profits would be restrained by free market forces. Where banks have a central role and importance in all commerce and hence in all societies, the author concludes by revealing a set of virtues that are necessary for banks to espouse moral conduct. He suggests that these virtues can be embedded through leadership and cultural change, with the aim of developing an account of the virtues appropriate to bankers and banking.

Author: Costanza A. Russo
Publisher: Edward Elgar Publishing
ISBN: 1784716545
Category : Law
Languages : en
Pages : 448

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Book Description
The global financial crisis evidenced the corrosive effects of unethical behaviour upon the banking industry. The recurrence of misbehaviour in the financial sector, including fraud and manipulations of market indices, suggests the need to establish a banking culture that conforms to the highest standards of ethical and professional behaviour. This Research Handbook on Law and Ethics in Banking and Finance focuses on the role that law should play and the effectiveness of newly introduced regulations and supervisory actions as a driver for ethical conduct so as to reconnect the interests of bankers and financiers with the interests of society.

Author: Anthony Asher
Publisher: Business Expert Press
ISBN: 1606498754
Category : Business & Economics
Languages : en
Pages : 209

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“... a must read for those wanting to craft a vocation in finance.” -- Adrian Gore, CEO, Discovery Group; “... no better book for a student or practitioner who wants more than is usually on offer in finance courses in our universities.” -- Paul Oslington, Professor of Economics and Dean of Business, Alphacrucis College, Sydney. To develop a vocation we ask: what do I want to be remembered for? This involves aspiring to personal integrity and a life well lived. Those working in the financial sector fulfill vocations by finding ways to serve social purposes, to allocate resources efficiently and to provide financial security—while remembering the needy. This means contributing to institutions, where people can flourish personally and create appropriate products and services. The ethics of those working on finding their vocation do not flow from rules and obligations, but from a personal commitment to seeking what is good. This life is based on the fundamental personal virtue, integrity. This book is written for those who aspire to the cultivation of the personal virtues of wisdom, self-control, courage, and justice.

Author: John N. Reynolds
Publisher: Springer
ISBN: 0230348858
Category : Business & Economics
Languages : en
Pages : 192

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The financial crisis focused unprecedented attention on ethics in investment banking. This book develops an ethical framework to assess and manage investment banking ethics and provides a guide to high profile concerns as well as day to day ethical challenges.

Author: Ronny Röwert
Publisher: GRIN Verlag
ISBN: 365606363X
Category : Business & Economics
Languages : de
Pages : 15

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Essay aus dem Jahr 2011 im Fachbereich BWL - Bank, Börse, Versicherung, , Sprache: Deutsch, Abstract: In the wake of the recent and still ongoing utterly devasting global financial crisis, both reputation and legitimacy of banks are highly under pressure. This situation is best demonstrated by the current protests in New York, generally known under the heading of ‘Occupy Wall Street’ (Krugman, 2011). The fact that the protestors’ claims are even generally acknowledged by leading economists, such as Nobel laureates Stiglitz and Krugman, and to some extent by Obama himself, shows how the financial crisis brought the banking industry and its contested practices dramatically into the public consciousness. It resulted in a massive erosion of trust and reputation in the industry. In terms of social responsibilitiy, this crisis showed that no other sector and profession has a “comparable ability to privatise gains and socialise losses” (Decker & Sale, 2009, p. 136). In order to address the current negative externalities of banks, such as social costs related to government bailouts, and the question of their crucial role in our economy and society, the concept of Corporate Social Responsibility (CSR) can serve as a helpful framework. Firstly, this essay aims to show the essential role finance, and thereby the banking industry, is playing in our economy. Afterwards, the results will be used in order to assess the potential relationship between finance and a more sustainable economy. The following section will analyse the potentials banks have to create shared value due to the crucial role of trust and reputation.