Banking
In addition to the myriad of career options that exist in the world, there are issues that present complications for professionals in those fields. As a Christian, it’s essential to develop a biblically appropriate approach in response to the various issues that manifest themselves in the professional world. The banking industry is an example of a career with manifest issues. Banking is the heart of every modern society’s economy, and cannot appropriately function without bankers, who control the ebb and flow of a nation’s currency, and therefore must appropriately handle the issues that arise. The banker’s ability to do so directly affect the worth of a national currency and the stability of an economy. Specifically, bankers have control over people’s money and must make crucial and calculated decisions with that money every day. This presents opportunity for one of the most prevalent issues facing bankers. Bankers, who are the professional officers of national economies, are confronted with ethical issues related to speculative banking, credit lending, and the temptation of greed, and therefore must develop biblical convictions in decision-making and money handling.
Bankers are the professional officers of national economies who are employed in banking institutions. According to Investopedia, “banks are financial institutions licensed to manage withdrawals and deposits as well as supplying short-term loans to individuals and small businesses.” Therefore as the professional officers in the banking industry, bankers enable banking institutions to operate and function suitably in an economy. To accomplish this task, bankers execute many duties and responsibilities involving the fiscal needs of other people. Because of...
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...cal guidelines for handling money, which prescribes conservancy and fiscal responsibility, which are applicable and confronting the ethical issues that arise from speculative banking. Apart from the Bible, the banker is not free from accountability. Fidelis International Institute states that, “bankers and financial professionals should take a responsible approach in all investment and lending operations with its customers’ money.”
In banking, though there are many opportunities for unethical decision-making, I could very easily approach the career from the biblical and ethical standpoint discussed in this paper, in confronting the many ethical issues that face bankers.
Bibliography
http://www.fidelisinstitute.org/article.php?se=13&ca=22
http://www.scu.edu/ethics/practicing/focusareas/business/financial-services.html
Psalm 112:5-6
From big financial and ethical scandals like Enron to WorldCom, Wells Fargo may be the next big financial and ethical scandal. Wells Fargo used to be one of the leading banks and credit lending companies in America. Now, they’re on a slippery slope downhill to one of the worst—and most unethical—banking and credit lending companies in America, maybe even in the world. Wells Fargo has been in an ethical uproar, has questionable ethical values, and questionable principles and practices in culture due to their downhill ethical standards. The company also may have been influenced by bad stakeholder judgment, and are now struggling to maintain the company’s culture. To give a description of business ethics as described by John Fraedrich, “business
Foner, Eric., Garraty, John A (eds) “Banking” The Reader’s Companion to American History, Houghton Mifflin: New York, 1991., pg. 191
The root of Wells Fargo’s ethical breakdown lies in the company’s overall ethical culture and climate that places too much emphasis on self-interest and on the teleopathic goal of generating the most sales
Verschoor, CMA, Curtis C. "Ethics: Do The Right Thing." Strategic Finance (2006). Retrieved on 18 September 2006 .
...urvey of ethical behavior in the accounting profession. Journal of Accounting Research, 9 (2), pp. 287-306.
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Throughout the course of day-to-day business life, the business professionals come in contact with quite a sum of ethical dilemmas. There are various ways to handle these ethical dilemmas, but failure to follow the appropriate manner could result in an unethical outcome. The ethical guides related to the book definitely help students develop an ethical character that is sure to stand out for highly ethical companies. In addition, there are companies that test how ethical applicants are before hiring them, this in turn makes getting the job more difficult and costly. However, despite the high cost and difficulty said companies stay firm to ethics, guaranteeing they get top-of-the-line employees who will act in an ethical manner. Ethics is defined
This paper will serve as a discussion on the topic of investment banking. In this paper the author includes various articles and thoughts that help to understand the background and principle of investment banking. This discourse will attempt to address this issue through explaining what investment banking is, introducing major investment bankers, and how investment banking affects our globally economy. Investment Banking Defined Investopedia (2008) stated this definition about investment banking, “A specific division of banking related to the creation of capital for other companies. Investment banks underwrite new debt and equity securities for all types of corporations.
Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.
As an individual and ambitious accounting student with plans to pursue a career in public accounting, I recognize the importance of understanding my core personal values and behaviors that guide the ethical principles of my everyday actions. I recognize that I have a responsibility to myself, family, future colleagues, future clients, and the general public to follow certain guidelines and conduct myself in an ethical manner. Furthermore, I acknowledge the idea that ethical dilemmas will occur, but I am committed to my “Personal Code of Ethical Values” (as seen above) that represent my desire to live ethically in every facet of my life.
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Jacob is disappointed and his situation has left him with a decision on what to do with the money. This case study will pinpoint Jacob’s ethical dilemma and what ethical action he should take. Also, the roles and responsibilities of an employee dealing with an ethical situation, as well as the ways of an organization to maintain ethical practices in the workplace, will be discussed. By doing so, Jacob will maintain his honesty and not let his personal interest be in the way resulting trust within the workplace will be maintained.
Because of the strong ethical component of this designation, its principles should be adopted by financial professions everywhere in the world, especially in post-2007 financial crisis days, partly started by a lack of moral principles and diligence. While for chocolate-lovers Switzerland is synonymous with a yummy heaven, for me the country, being the banking center of the continental Europe, equals to well-established traditions in the financial industry. If you want to learn something excellent, gain the knowledge from the best. Switzerland is one such place that will give me the opportunity to combine the values of both the highly-regarded education in finance and hands-on analysis of theories, applied in Swiss banking and financial systems.
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The Traditional Theory of Banking In this paper author review the traditional theory of banking and attempt to examine the theoretical reasons for why banks exist. As a financial intermediation, the natures of the banks are to provide financial services and conduct the intermediary functions in the whole financial system by accepting deposits and making loans. The question raised here are how they conduct these roles and why the borrowers and lenders do not come together without the banks for the saving of intermediation costs, why both of the two parties are ready to pay for their services and what’s the value added by the banks? The paper proceeds as follows. Section 2 offers a traditional view of banks and describes the nature of them.