Latest "Banks" Posts

Wells Fargo’s Ethics: What Can We Learn?

No company wants to be in the news for negative publicity, especially publicity that was generated from what most would describe as unethical activity by its employees.  Yet that is exactly what Wells Fargo has been facing for the past several weeks and it’s not getting better.  But this isn’t about Wells Fargo – those facts are well known now.  The question is what can we learn from this debacle?

what-can-we-learnActions Speak Louder than Words – What Can We Learn?

Wells Fargo’s vision and values states:

Continue Reading

Posted by Chuck Gallagher in Banks, Business and Personal Ethics and tagged , ,

The Banking Industry and Cyber Ethics

How ethical is it when an entire industry is repeatedly warned that its cyber security is lacking, but very little is done about it?  What will the banking industry do to explain the laxity of its security to their customers?  Seems a serious Cyber Ethics question is ever present!

cyber-ethicsThese are two of the important questions the banking industry might very well have to answer in the not too distant future.

Cyber-Safe or Cyber-Ignorant?

There is a messaging system in the banking industry I have just learned about and it is called “SWIFT.” The system connects the world’s banks and feeds them a constant stream of information and enables transfers between banks and the sharing of financial data.

Continue Reading

Posted by Chuck Gallagher in Banks, Cyber Attack, Ethical Behavior, ethics and tagged , , , ,

Banking Ethics: 5 Customer Suggestions for Improvement

My how banking has changed over the years.  What once was an integral part of a dynamic community that knew their role in creating wealth, protecting assets and helping communities grow, now seems to be a hard institution to deal with with no personality or local spirit.  Perhaps it’s time to look at Banking Ethics from a different light.

Banking EthicsMy first banking experience!

I was 18 years old (now 40 year ago) and I walked in to Northwestern Bank in Valdese, NC to apply for a car loan.  That was normal then.  Now car loans are dominated through the dealership.

Continue Reading

Posted by Chuck Gallagher in Bank of America, Banks and tagged , , , , , ,

Banking Ethics: Two Bankers Seize Opportunity to Steal from Their Clients

Does a profession automatically insulate a person from committing an unethical act? Unfortunately, it does not over the course of time, we have witnessed the clergy, medical doctors, lawyers and stockbrokers all committing fraud even though they take oaths Banking Ethics: JPMorgan Chaseof all different varieties.  When it comes to banking ethics far too often folks have come to expect the worst.

Another profession that we have imagined to be above poor ethics is banking. We have been raised to think of the staid banker in his or her smart suit, passing impassive, analytical, numbers-based judgments, as being above scrutiny. They are seen as being honest to a fault and always having our best interests in mind. This is especially true of private bankers who handle the interests of the extremely wealthy. As it turns out, “not so fast.” Unethical behavior, it appears, has well-established itself in the banking industry.

Continue Reading

Posted by Chuck Gallagher in Banks, business ethics, Ethical Behavior, Financial Fraud, fraud and tagged , , , , , ,

JP Morgan Banker Trainees Caught Cheating in Ethical Scandal

In the world of banking, JP Morgan has had a reputation of always hiring the best, and of those in the banking community, we have all embraced the image of the solid, British banker as the rock-solid, unflappable personality. The British banker was always – to our mind – of being without peer and always, impenetrable in terms of scandal or poor behavior.

J P MorganNow, we have learned our impressions may need an ethical revamping as banker trainees caught cheating in ethical scandal.

Holly Elliot, for CNBC (October 23, 2015), in an article entitled: “British trainees at JPMorgan fired for cheating tests: Report,” reported the following:

“Nearly a dozen junior bankers, some from the U.K., have been sacked by JPMorgan in New York after being discovered “cheating” at a basic math test, according to a report in The Telegraph newspaper.

Continue Reading

Posted by Chuck Gallagher in Banks, business ethics, Corporate Ethics and tagged ,

Entitlement Ethics and Abuse: Darryl Layne Woods highlights Banking Abuse

Today’s blog is inspired by one of the most blatant ethical missteps I have heard in years. In an article by Peter Lattman for The New York Times (August 27, Darryl Layne Woods2013), “Bank executive admits to using bailout money to buy condo,” we are introduced to Darryl Layne Woods a bank executive and a former chairman of the Mainstreet Bank of Ashland, Missouri. In a sense, Mr. Woods is emblematic of the worst of the abuses of banking in America.

Continue Reading

Posted by Chuck Gallagher in bank fraud, Banks, Ethical Behavior, ethics, prison, SEC and tagged , , , , ,

Business Ethics Alive in Small Banks – Strong Ethics Equal Healthy Banks

It’s easy to become cynical when all you hear in the media is bad news.  But not all news is bad.  In a recent CNN article there was some refreshing comments from small, but healthy, banks.  They were making loans and, for the most part, it was business as usual.

Here are some comments from the article:

Conservative lending practices seem to be a common denominator among banks that have remained strong and stable during the current banking crisis, and those banks are still making loans.

Healthy Banks: Peoples Bank President Todd McKee, left, chats with customer Tommy McVay on Friday in Lubbock, Texas.

Peoples Bank President Todd McKee, left, chats with customer Tommy McVay on Friday in Lubbock, Texas.

Peoples Bank President Todd McKee, left, chats with customer Tommy McVay on Friday in Lubbock, Texas.

Continue Reading

Posted by Chuck Gallagher in Banks, Business and Personal Ethics, ethics, Financial Crisis, Freddie Mac, Government Bail Out, Loan Fraud, mortgage fraud, New Website and tagged , , , , , , , , , , , , ,