1. BACKGROUND
Commonwealth bank of Australia was founded back in 1911 by the commonwealth bank act that was in favour of bank nationalization. The bank started its first branch in 1912 in Melbourne and later joint hands with the state savings bank in Tasmania and a year later it was able to spread its branches in six different states. After 1920 the bank gradually expanded its role in central banking and along with time continued expanding and earning a good reputation in the market (Australia, 2014). Commonwealth Bank of Australia is also one of the multinational banks of the world that provides a number of financial services to its clients such as managing the funds, retail services, investment services etc. This group has also got itself …show more content…
Later results showed that this definitely was the biggest mistake CBA ever made as huge losses were incurred, clients were aggravated and the bank also lost its reputation all over the market (Coorey, 2014).
1.2. ANALYSIS OF THE ETHICAL ISSUE
This case can further be elaborated by discussing it in the light of different ethical theories, justice and economic distribution.
1.21. ETHICAL PRINCIPLES AND THEORIES
Teleological theory: This theory suggests that one focuses on the results and consequences. Here if we consider Nguyen then this theory does not apply as he didn't pay attention to what the end results will be while manipulating the signatures and being indulged in unprofessional and unethical …show more content…
The intention behind the act is being selfish and only thinking about oneself. This particular theory goes well over here as Nguyen was doing things in his own interest even when he knew the end results could be devastating for the clients and the bank's reputation.
Utilitarianism: This theory talks about doing something that does greatest good to the greatest number of people. Once again this theory here can be put in the sense that since CBA's financial planners were involved in unethical and immoral activities they did not consider the end results of their bad financial advises. Rather than being beneficial to all they incurred greatest loss to the greatest number of people.
Kant's ethics: This involves the categorical imperatives that helps us in making morally correct decisions. What is right in one situation has to be right in the other too. Here for instance Nguyen was once caught being disloyal to his profession at a lower level post cannot be an explanation for him not repeating cheating on his profession if he was promoted to a level where higher level of supervision was
Commonwealth bank of Australia was founded back in 1911 by the commonwealth bank act that was in favour of bank nationalization. The bank started its first branch in 1912 in Melbourne and later joint hands with the state savings bank in Tasmania and a year later it was able to spread its branches in six different states. After 1920 the bank gradually expanded its role in central banking and along with time continued expanding and earning a good reputation in the market (Australia, 2014). Commonwealth Bank of Australia is also one of the multinational banks of the world that provides a number of financial services to its clients such as managing the funds, retail services, investment services etc. This group has also got itself …show more content…
Later results showed that this definitely was the biggest mistake CBA ever made as huge losses were incurred, clients were aggravated and the bank also lost its reputation all over the market (Coorey, 2014).
1.2. ANALYSIS OF THE ETHICAL ISSUE
This case can further be elaborated by discussing it in the light of different ethical theories, justice and economic distribution.
1.21. ETHICAL PRINCIPLES AND THEORIES
Teleological theory: This theory suggests that one focuses on the results and consequences. Here if we consider Nguyen then this theory does not apply as he didn't pay attention to what the end results will be while manipulating the signatures and being indulged in unprofessional and unethical …show more content…
The intention behind the act is being selfish and only thinking about oneself. This particular theory goes well over here as Nguyen was doing things in his own interest even when he knew the end results could be devastating for the clients and the bank's reputation.
Utilitarianism: This theory talks about doing something that does greatest good to the greatest number of people. Once again this theory here can be put in the sense that since CBA's financial planners were involved in unethical and immoral activities they did not consider the end results of their bad financial advises. Rather than being beneficial to all they incurred greatest loss to the greatest number of people.
Kant's ethics: This involves the categorical imperatives that helps us in making morally correct decisions. What is right in one situation has to be right in the other too. Here for instance Nguyen was once caught being disloyal to his profession at a lower level post cannot be an explanation for him not repeating cheating on his profession if he was promoted to a level where higher level of supervision was