Ethics Essay Example: The JP Morgan Chase and Its Ethical Concerns

The JP Morgan Chase Company is a financial institution, a towering global brand that handles industry-specific expertise and market acumen consultancy to financial and property development firms. The company is a conglomerate of several subsidiaries that handle diverse technicalities in the financial and the property development sector ("What We Do J.P. Morgan"). In investment banking, the company offers strategic advice and solutions to clients in risk management, capital raising and trading finance services to institutions corporations and governments. The company also provides expatriate consultancy to corporations in matters of mergers and acquisitions.

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The company has improved its approach to ethical observance by incorporating the use of effective ethical systems and designs. The company operates through the ethical system of social contract. The company's manual that defines the codes of conduct states that compliance with the law is at the center of the operational strategies of the conglomerate (Code of Conduct| JP Morgan Chase & Co, 2015). The company management confirms their nuanced understanding of the market laws and regulations and their acceptance to abide by them to have a good standing against regulator criticism, to avoid legal issues, fines, and penalties. Money-laundering, tax evasion, and bribery are some of the malpractices that contravene the social contract laws, and JP Morgan is keen on ensuring compliance. The company is working round the clock to build customer confidence and the reputation of the company.

Kantian ethics theory is also part of the company's ethical systems. The operations of the company are aligned with morals and virtues. The company handles all its associate with dignity, and excellent service delivery is a fundamental obligation owed to clients. The company achieves its goals of developing a good relationship with the employees and clients by ensuring their satisfaction and subsequent happiness (Code of Conduct| JP Morgan Chase & Co, 2015). The happiness of the clients is achieved through the efficient and effective delivery of credible services in a transparent and cost-effective manner; the employees are guaranteed a safer workplace and diversity and treatment with dignity.

The company monitors and evaluates the progress of its annual overall ethical performance by conducting periodic internal and external audits of policies to ensure compliance with all the defined codes of conducts and moral obligation. The most important aspects of ethical performance aspects that the company evaluates comprehensively are the environmental sustainability and corporate social responsibility (Strong, 2015). The PricewaterhouseCoopers do the company's external ethical performance appraisal, and a report is prepared to that effect.

Since JP Morgan Chase operates worldwide, the corporate social responsibility initiatives the company engages in are manifold. The company has a mission of inclusive growth, and the strategies to achieve the goal focuses on uplifting the welfare of the communities surrounding the locations where it operates. Some of the projects the company has rolled out to benefits the communities include neighborhood revitalization, small business expansion, financial health, and provision of jobs and a five year $ 325 million upgrade of skills for the people ("Investing in Opportunity | 2017 Corporate Responsibility Report JPMorgan Chase & Co," 2018). The small business expansion plans target the women, minority and locally-owned businesses with a U.S $ 150 million five years plan to drive them through the paths of long-term growth. The biennial $ 45 million financial health plan aims to assist community members to develop financial management literacy through the induction from the Financial Solutions Labs ("Investing in Opportunity | 2017 Corporate Responsibility Report JPMorgan Chase & Co," 2018). They have a five year $125 million budget for neighborhood revitalization programs are designed to rebuild the local communities through the company's PRO Neighborhoods.

References

What We Do| J.P. Morgan. (n.d.). Retrieved from https://www.jpmorgan.com/global/what-we-do

Investing in Opportunity | 2017 Corporate Responsibility Report JPMorgan Chase & Co. (April, 2018). Retrieved from https://reports.jpmorganchase.com/corporate-responsibility/2017/cr-2017-home.htm

Code of Conduct| JP Morgan Chase & Co. (June 18, 2015). Retrieved from JP Morgan Chase & Co website: http://file:///C:/Users/skywave203/Desktop/chase.pdf

Strong, D. (September 10, 2015). JPMorgan Chase: Code of Ethics Revisions Since 2008 Crisis. Retrieved from https://sevenpillarsinstitute.org/jpmorgan-chase-code-of-ethics-and-revisions-since-the-2008-financial-crisis/