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Citibank case study - Essay Example

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Ethics Question1: Was the accusation bribe or corruption involved? Citibank is a reputed intercontinental bank and serves as the banking support of the customers all across the globe. It was established in the year 1812 with its head office situated in New York City…
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Download file to see previous pages It showed a net income of US $1.6 billion in the first quarter of 2009. In due course of time, the financial condition began deteriorating due to corrupted financial dealings captivating within the banking systems of California in the year 2011. The bank was accused due to its filling of fraudulent documents related to mortgages. As a result, numerous customers of California filed varied types of allegations against Citibank which hampered its brand equity and revenue by a significant extent. Moreover, it also hindered the loyalty and dependency of its target customers resulting in the amplification of organizational risks (Bloomberg L.P, 2012). In addition, the reason for which the lenders accused Citibank was due to change of ownerships of the mortgaged houses. It was mainly identified by a bankrupt home owner of New York named Linda Tirelli in order to regain her collaterals. Besides, it was entirely denied by Citigroup so that the image of the organization can be maintained (Bloomberg L. P, 2012). Thus, it can be affirmed from the above mentioned facts, that it was a situation of corruption, which declined its individuality from the minds of house owners in California. Question 2: Was the company liable, socially responsible and accountable? Yes, Citibank, as one of the largest players in the international banking and financial sector of United States was accused of providing unethical services to its customers. This is because, Citibank was charged due to its presentation of wrong information regarding the housing mortgages to the citizens of California. Moreover, it also passed various inaccurate facts to the housing departments of United States as well, which resulted in loss of huge funds provided by the government (Scribd, n.d.). The management of Citibank was entirely responsible and accountable for the protest against the violation of the rules of Federal Housing Administration (FHA) insurance programme of United States by offering wrong information to customers. In addition, the higher officials of Citibank were also accused for lending low interest rates in case of housing loans in order to enhance its range of customers as well as total revenue among other apparent players in the market. This resulted in lowering of trust and confidence over the mortgage schemes of FHA insurance offered by Citibank (Scribd, n.d.). Question 3: Is capitalism a just system for allocating resources? Capitalism is referred as the philosophy of financial system that mainly favors personal ownership by an individual or an organization offering services in order to earn revenue or profits. In capitalist economy, an individual or a corporation mainly aims to enhance his/her personal welfare as compared to publics (Scribd, n.d.). Moreover, capitalist economy also desires to prevent his/her individual interest in the market or within the communities. In addition, according to Hofstede (n.d.), individualism is a type of cultural dimension, in which individuals are more conscious about their personal relatives and families rather than societies. The citizens of these types of economies are focused on their individual achievement and victory. In addition, self-interest rather than empathy is the prime objective of a capitalist economy (Hofstede, n.d.). Thus, economy of United States also shows highest degree of individualism, which mainly concentrates on the benefits of individuals. Moreover, the citizens of United States were not at all interested to work in ...Download file to see next pagesRead More
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