JPMorgan - Corporate Social Responsibility

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Recommended: Case study 2 should companies embrace social business

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.

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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.

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