Bank Of America's Code Of Ethics

Revisions for the 7th edition by Eric D. Yordy, The W. A. Franke College of Business

Berkshire Hathaway’s code of ethics lacks in the area by not addressing more about their corporate social responsibility. There is no mention of the environment in the code of ethics, which is a bit strange for a corporation which owns many small companies that causes an environmental impact. Their code of ethics does not lack in compliance with any legal mandates. Due to the companies investment nature, they outline the expectations with the compliance of all laws in letter and in spirit. They make reference to their "Prohibited Business Practice Policy" as well. Berkshire Hathaway makes the implication that if there are any questionable issues that arise in any regard that they are reporting you to the proper authorities without hesitation.

The provincial government supplements the agency’s budget by paying for the service work my agency does for their clients. The 9:00 am time slot has been reserved for health ministry and child protection authority referrals. It is prepaid by the provincial government. By booking an EAP client in a provincial government slot the agency is illegally profiting because they are getting paid twice for one client. According to BCACC code of ethics (2014) the RCC will “avoid exploitation of others for personal, professional, or financial gain” (p. 7), it is my responsibility to act with the “highest integrity possible in every situation” (BCACC Code of Ethics, 2008, p. 7). Thus, I would have to avoid conflicts of interest between me, my agency, and my supervisor. I would seek advisory from my association or an external supervisor regarding this conflict. I am also concerned about the well-being of the provincial government’s clients (Board of Directors, 2014, p. 6), and their right for counselling service.

Costco’s code of ethics appears to reflect the essential elements of a socially responsible corporate. These elements are grouped into the four general areas of economic, legal, ethical, and philanthropic responsibilities (Trevino & Nelson, 2014).

Recently, Wells Fargo was fined $185 million for opening up nearly 2 million accounts without permission of the account owners. The pressure to raise the average number of accounts began as early as 2009, employees who did not meet the sales targets were fired. Wells Fargo overlooked the fraud committed in order to meet those numbers. Since the exposure, Wells Fargo has fired roughly 5,300 employees. Though the effects on Wells Fargo go beyond the fine, this example shows how large banks and businesses are able to commit crimes without any real punishment. The Wells Fargo scheme was explicitly illegal, yet there are many business practices that, though unethical, are legal.

A proliferation of headlines abounds regarding leaders and questionable ethical behavior. Examples in both public and private sector are easy to find. In business, one can look at the Wells Fargo scandal where employees fraudulently opened customer accounts to achieve management sales quotas and the case of Mylan Pharmaceuticals price gouging of the EpiPen as examples of unethical behavior. A quick open of the New York Times and you can read editorials on the Trump Administration and his use of the White House for personal gain, disregard for the anti-nepotism law and questionable associations and political appointments of persons such as Scott Gottlieb, Carl Ichan, and Steve Bannon. Governor Robert Bently of Alabama is currently being investigated

Professional counselor has to behave in an ethical manner, which reflects their profession. In additions counselors must obey federal and states laws. Therefore, the ACA Code of Ethics provides a professional standard, which professional counselors should uphold. The Code of Ethics was developed to provide counselors with a professional identity, which can shape how the public see counselors and offers some rules on how they should behave professionally (Shallcross, 2011). Furthermore, the Code of Ethics is used by the counselor to help address a problem. According to the ACA standard, a counselor must be competence in their job. The Code of Ethics is based on the Kitchener’s five moral principles American Counseling Association (Shallcross,

Bank of America thrives off of the premise that they are aiming to enhance the financial lives of their customers. Per the Code of Conduct, Bank of America believes in treating all of their customers equally; they claim to expand beyond expectations to deliver satisfactory customer service; they implement discipline to eliminate financial risks to customers; they pride themselves on acting responsibly; and they strive to help individuals to reach their full financial potential. This company enforces the belief that they honor their ethics fully. This includes making

Consequently, Wells and Fargo did what was best for business, they would not hire a person because you endorse or support. However, these two men ethical standards for hiring were for the needed to keep the company moving forward to be successful. Therefore, everyone that worked for Wells Fargo had a responsibility to uphold and follow the policies that were set up by the company, no matter what levels or title you hail in the company. However, when dealing with other peoples’ money their ethics in the place where there is truthward people work for you. Some of these people worked in accounting make sure the book was right. By ensuring that all transactions are properly documented because back then there were no computers, you would have to keep up with a paper trail. By ethical standers, the organization’s is well established, their moral conduct to the customers and the business. Furthermore, Wells Fargo ethical morals were to implement people that have the ability excellent verbal, written, and interpersonal communication skills. Outstanding negotiating, conflict management, and decision-making skills and ability to interact with all levels of

Comparing the Wells Fargo written policy to their actions shows a total disconnect. Quite possibly, their “shop mentality” or decentralized culture, played a part in a less ethical culture (The Economist, 2017). However, since leaders are integral in the formation of an ethical culture, it seems that upper management either did not communicate as well as they should have, or were complicit in the irregularities. Interesting though, is that Warren Buffet’s company, is the largest shareholder, again proving that it is necessary to develop and then monitor an ethics based program (CNN Wire, 2016).

Wells Fargo is an American bank that was created in 1852 by Henry Wells and James Fargo. It is the second largest bank in the USA in terms of market cap, operates in over 42 countries around the world, and has over 260,000 employees.

The problem to be investigated is the application of business ethics. In the business world, ethics are extremely important. Ethics are prime elements that help a business to grow and to become more productive. It is by applying proper business ethics that a business can operate in a moral or ethical business environment and managed to conduct all activities in a manner that maximizes profits while not compromising all other non-economic concerns(Schwab, 1996). Businesses have over the years failed to nurture business ethics in order to fulfill shareholders' interests and to have a culture that is oriented towards profit maximization and high performance(Jennings, 2012; Sims & Felton, 2006). This has led business to have gray areas in their activities. Gray areas are those situations or problems that do not fit exactly into any ethical analysis. These are the activities which may be represented to be immoral as a result of lying and false representations on the part of the business.

Carroll’s list of four responsibilities consist of economic responsibilities, legal responsibilities, ethical responsibilities, and discretionary responsibilities. In the video, I do see signs of Bank of America being concerned about discretionary responsibilities. According to our textbook, examples of discretionary responsibilities are philanthropic contributions, training the unemployed, and providing day-care centers. Although it is not discussed very much in the video, there are images of discretionary responsibilities being conducted such as Bank of America employees having a hand in building a home.

The reason why Well Fargo Bank is an ethical quandary would be how they have gotten a fine for 185 Million dollars and have fired over 5,300 which were employee and manager.

The code of ethics and conduct is a written set of rules and regulations that provides guidance to employees of an organization on how to conduct themselves and carry out their duties in line with the organization’s principles. The code of ethics and conduct is also be backed up by suitable disciplinary actions. A code of ethics and conducts helps employees deal with ethical issues and other gray areas that they face as they execute their daily activities. An effective code of ethics and conduct is required for an organization to run smoothly and maintain a positive image. Having an ineffective code of ethics and conduct is almost like having none.