Jp Morgan Corporate Social Responsibility Essay

1689 words - 7 pages

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 the United States. Their hedge fund unit is the second largest hedge fund in the United States. JPMorgan Chase & Co, as they are now known, was formed when Chase Manhattan Corporation merged with JP Morgan & Co in 2000. Corporate headquarters are located in Manhattan, New York City, New York in 270 Park Avenue while the retail and commercial bank is headquartered in Chase Tower located in Chicago Loop, Chicago, Illinois. JPMorgan Chase is amongst the big four banks in the U.S. with Bank of America, CitiGroup, and Wells Fargo. According to Bloomberg, in of October 2011 they surpassed Bank of America as the largest bank by assets. JPMorgan Chase & Co is considered to be a universal bank.
When a stakeholder visits JPMorgan’s website market or nonmarket, they will find a section dedicated to corporate social responsibility. Most companies provide easy access to this information along with an annual report on their initiatives that year and how they plan to maintain and even further their social responsibility in the next years. In the CSR section companies typically provide us with a short opening statement about their mission in social responsibility at JPMorgan it is the following “At JPMorgan Chase & Co., corporate...

Find Another Essay On JPMorgan - Corporate Social Responsibility

Corporate Social Responsibility Essay

1811 words - 7 pages compelling way to attract them (Bhattacharya et al., 2008). Previous research on Corporate Social Responsibility focused mainly on stakeholder groups such as consumers and investors. However, very little research has been carried out to the effects of Corporate Social Responsibilities on organizations when attracting new and high potential employees. Therefore this study will contribute to the existing body of knowledge about Corporate Social

What's Corporate Social Responsibility Essay

2428 words - 10 pages “Corporate Social Responsibility” “Corporations today are under a microscope. Virtually every aspect of operations is subject to scrutiny by consumers.” According to Ogilvy, If CSR issues are managed well, there will be opportunities for a company to build its reputation and differentiate itself. In today’s society, what you stand for as an organization matters way more than what you produce, sell or what services you provide. CSR is a commonly

Corporate Social Responsibility

1172 words - 5 pages Chapter I: Introduction 1.1 Background Corporate social responsibility according to Henderson (2001) can be defined as the commitment of organizations to help society by improving working and living conditions of employees, their families, and the community as a whole. The use of CSR as a discipline has its foundation on past centuries, when some kind of social awareness was practiced by companies at the time, nevertheless most

Corporate Social Responsibility

885 words - 4 pages 1. Corporate Social Responsibility (CSR) is commonly known as responsibilities that are held responsible by the corporate in a social context (Wood et al. 2013, 27). Such examples are charitable events, providing jobs and upgrading of new skills, listening to what the society needs and amendments (mallenbaker 2013). CSR can be classified into 5 different dimensions which are Environmental, Social, Economic, Stakeholder, and voluntariness

Corporate Social Responsibility

549 words - 2 pages Friedman painted an unrealistically extreme picture of what "social responsibility" is. He portrays the social responsibility of corporations as something that should and will be done, regardless of the company's financial capabilities, or the will and benefit of the stakeholders.Given that his view and arguments are based on extreme situations, I don't think that he is correct in concluding that corporate social responsibility is "taxation

Business Corporate Social Responsibility

738 words - 3 pages Corporate Social Responsibility (CSR) can be defined as “not only is doing good the right thing to do, but it also leads to doing better’. Corporate social responsibility is a form of corporate self-regulation whereby the organizations has active compliance to make decisions that are ethical and beyond the interest of the organization. They also have responsibility to contribute to the economical developments and to get the quality of life of

Corporate Social Responsibility

1900 words - 8 pages Corporate social responsibility is becoming a key initiative and an essential tool in the growth of multinational corporations and the development of third world countries throughout the globe. The two concepts can work hand in hand to provide benefits for all; however difficulties in regulating and implementing corporate social responsibility need to be overcome before effective changes can be made. Definitions of corporate social

Corporate Social Responsibility

873 words - 3 pages Corporations deal with a wide variety of social issues and problems; some directly related to their operations, some are not. Corporate Social Responsibility (CSR) can be defined as “the actions of an organization that are targeted toward achieving a social benefit over and above maximizing profits for its shareholders and meeting all its legal obligations” (Ghillyer 78). If this is the case, establishing appropriate and practical ethical

Corporate Social Responsibility - 1165 words

1165 words - 5 pages What would an even more complete CSR engagement look like? In recent years, many corporations in the US and in Europe has made efforts to include Corporate Social Responsibility (CSR) as part of their decision making process. In Europe, the European Commission, a political body has been a leading advocate for CSR and has set the widely accepted definition of CSR (Aßländer, 2011). The European Commission view CSR as companies not just fulfilling

Corporate Social Responsibility

2054 words - 8 pages In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance

Corporate Social Responsibility - 665 words

665 words - 3 pages social responsibility in Indian and its applicability through a PPP approach emerge as an interesting case for research. By the application of semi-structured personal interviews with relevant stakeholders, and their further analysis in light of Wood’s Corporate Social Performance Model, this research demonstrates that a CSR levy disbursed under the discretion of the private sector is an exceptional case of steered CSR, and its future and potential

Similar Essays

Corporate Social Responsibility Essay

2454 words - 10 pages Corporate Social Responsibility Corporate Social Responsibility (CSR) is a very controversial topic. A question that has been debated for the past few decades is; is it corporately viable to introduce social responsibility as a proposed addition to the work ethic of business organisations. As well as, if adopting the framework of corporate social responsibility would yield positive improvements for those organisations. The purpose of

Corporate Social Responsibility Essay

1437 words - 6 pages In order to answer the main question of this study, a literature study was carried out to find out how Corporate Social Responsibility in literature was defined; what the role of stakeholders, specifically employees was in job advertisements. Furthermore, the theory of Person-Organization fit was explained and the different work motivation theories are discussed. 2.1 Corporate Social Responsibility Last couple of years Corporate Social

Corporate Social Responsibility Essay 1852 Words

1852 words - 8 pages Corporate Social Responsibility Description The most widely heard question about corporate social responsibility is what it is? There have been many different definitions of CSR for the last 60 years (Madrakhimova, 2013). To some extent, from Jamali’s (2008) and Hopkins’s (2007) point of view, CSR is defined as the corporate commitments to sustainable development, ethic and responsible treatment to stakeholders, and society welfare improvement

The Corporate Social Responsibility Essay

771 words - 4 pages The Corporate Social Responsibility (CSR) as years pass by transformed into a fundamental part in all affiliation or association because of the impact it has on the society or community. There is no acceptable definition to corporate social responsibility; as a result there is no certain explanation or definition of Corporate Social Responsibility. Moreover, a Corporate Social Responsibility (CSR) can additionally be suggested as ”Corporate