Communication in Business of JP Morgan - Case Study Example

COMMUNICATION IN BUSINESS OF JP MORGAN Name Professor Institution Course Date Communication in Business of JP Morgan The purpose of this study is to review the behaviours, actions, and communications of JP Morgan. In the course of addressing this objective, the study will focus on examining and assessing diverse aspects in relation to the performance of the company in accordance with the expectations of the society with reference to how the institution should operate or transact its activities. It is essential to examine the operations of an organization in regards to equality, environment, employment, community development, health, and promotion of human rights through the handling of the demands and preferences of the customers. Company Overview JP Morgan Chase & Co is one of the leading financial services firms across the globe. This is evident in accumulation of approximately $2.5 trillion in assets, as well as operations in the global context. The company comes out as a global leader in the investment banking, provision of financial services to customers and small businesses, commercial banking entities, financial transaction processing, private equity, and management of relevant assets in accordance with the demands and expectations of the consumers1. JP Morgan focuses on providing quality services and products to millions of customers within the United States and numerous global entities, prominent corporate, and government clients. This occurs under the JP Morgan and Chase brands. The organization has been engaging in substantial activities with the intention of enhancing the image and reputation in the market and industry of transaction. These attributes are essential towards increase of profitability level of the organization at the end of the financial period. Social Intangible Aspects JP Morgan has been essential in committing itself to the development and building of vibrant communities or societies, conservation and preservation of the environment, and promotion of an inclusive culture across the world for the achievement of sustainable development. In the global context, JP Morgan focuses on the usage of JP Morgan Foundation to facilitate its role in making philanthropic investments in cities of major operations. This is through continuous engagement in assisting the disadvantaged society members, thus the perfect platform to enable such group to construct or build better lives for the people, their families, and societies2. The organization has been essential in contributing to the generation of social intangible aspects across Europe, the Middle East, and Africa. The business entity focuses on the investment under the influence of three factors of success. These attributes include economic development, financial empowerment, and readiness of the workforce under the influence of effective training and development. It is essential to note that the organization adopts and incorporates these elements of communication to demonstrate its corporate responsibility in accordance with the expectation of the business entity. For instance, in the case of the United Kingdom, JP Morgan focuses on engaging the communities through three critical social projects and activities in the form of Participle, Social Mobility Foundation, and Timewise Foundation. In the first instance, Participle comes out as a social enterprise focusing on delivering large-scale innovation projects through creation of ideal partnerships with the third sector, local, private, and central government organizations. The objective of these social projects is to contribute to the development of the next generation in relation to public services and affordable solutions to the social issues affecting the 21st century. Secondly, the organization engages in the Social Mobility Foundation, which provides the perfect platform for charity activities with the intention of offering support to the young people from the low-income backgrounds into top level learning institutions. These attributes are essential in improving the image and reputation of the organization in the globalized economy. Positive and Negative Performances In the course interacting with the community, JP Morgan has experienced diverse negative and positive implications in relation to its performance. For instance, JP Morgan focused on fighting a lawsuit by California. The lawsuit accused JP Morgan of falsely signing documents with the intention of unlawfully collect credit card debt from thousands of customers3. The organization was also involved what became ‘JP Morgan’s London Whale fiasco4. These issues were essential in tainting the image and reputation of the organization in the market and industry of transaction. In addition, these issues tend to generate questions from the society in relation to the responsibility, transparency, and credibility or accountability of the organization in relation to handling the demands and expectations of the consumers within the market and industry of transaction. JP Morgan had to pay $920 million to SEC, Federal Reserve, and other regulators in fines with the objective of settling charges relating to the $6 billion loss by London Whale5. It is essential for the organization to adopt and implement appropriate public relations to enhance its image and reputation in the market and reputation in the globalized economy. On the other hand, there have been positive implications in relation to the operations and performance of the organization in handling its societal obligations. For instance, the organization has been on the forefront towards empowerment of the society members through provision of financial assists and foundations in educational and healthcare sectors. In addition, JP Morgan has been vital towards protection and conservation of the environment. This is vital towards the achievement of the goals and targets with reference to the image and reputation in the market and industry of operation. Moreover, the organization continues to exploit its JP Morgan Foundation to improve its relationship with the global entities and communities across Europe, the Middle East, and Africa. These attributes are ideal in the improvement of the relationship between the organization and the society. Impact of the Company on Society & Stakeholders JP Morgan has focused on development of a model in the execution of its business activities. In this business model, the organization prioritizes the demands and expectations, as well as preferences of the customers. Second in the rank are the employees, who are above shareholders in relation to the valuable contribution towards the achievement of the goals and targets at the end of the fiscal period. JP Morgan has focused on development of CSR approach, which is ideal in the improvement of the living conditions and empowerment of the customers. This is evident in the integration of communal development programs and environmental conservation mechanisms with the intention of generating positive living conditions for the relevant stakeholders. On the other hand, shareholders have been beneficiaries of the positive approach by the organization in pursuit of competitive advantage in the market and industry of operation. These attributes have been ideal in improving the image and reputation of the organization, thus the eventual increase in the cost or prices of the shares in the exchange market. Moreover, enhanced image and reputation of the organization has been ideal in increasing the profitability levels of the organization at the end of the fiscal period. This translates to increased earnings to the employees and shareholders, thus positive implications to the relevant parties participating in addressing the demands and expectations of the customers in the market and industry of engagement. Conclusively, organizations tend to have substantial responsibilities in relation to the demands and expectations of the society members. JP Morgan focuses on the utilization of the relationship with the society to improve the image and reputation in the globalized economy. This is evident in the engagement in activities such as social, economic, financial, and communal development. These attributes are ideal towards the achievement of the goals and targets of the organization within the market and industry of operation under the influence of the improved competitiveness. Bibliographies Barth, James R., and Donald McCarthy. "Trading Losses: A Little Perspective on a Large Problem." Available at SSRN 2169660 (2012). Guyader, Louis P. "The Volcker Rule: What Should Auditors Do?." Journal of Corporate Accounting & Finance 25, no. 4 (2014): 57-61. Martin, Maximilian, and Impact Economy. "Status of the Social Impact Investing Market: A Primer." Prepared for the UK Cabinet Office 5 (2013). Strand, Robert. "The chief officer of corporate social responsibility: A study of its presence in top management teams." Journal of Business Ethics 112, no. 4 (2013): 721-734. Feldner, Sarah Bonewits, and Kati Tusinski Berg. "How Corporations Manage Industry and Consumer Expectations via the CSR Report." Public Relations Journal 8, no. 3 (2014): 2. Cleary, Michael J., David A. Clifton, Dean Ilijasic, David C. Cohen, and Kristine K. Rodgers. "Method and system for distribution of inactivated bank account cards." U.S. Patent 8,768,808, issued July 1, 2014. Read More