This is a group assignment. My job is executive summary, introduction and conclusion. The issue in body is the role of leadership, financial ethic and responsibility (detail in the below). Thank you very much
The articles include:
Case study: Barclays and the LIBOR
Three background readings: Ethics in Finance and Accounting: Editorial Introduction
Ethical leadership: A review and future directions
‘‘What Good is Wall Street?’’ Institutional Contradiction and the Diffusion of the Stigma over the Finance Industry
The outline of the report
Executive summary (my job)
Introduction (my job)
- The role of leadership (focus on the ethic and duty for leadership)
- Financial ethic (focus on the ethic of financial industry)
- Responsibility (focus on social responsibility)
Conclusion (my job)
The aim of this project is to enable you to apply important concepts from the course to an example of business practice, and to practice your case analysis and report writing skills. The project will help you improve your skills in project management, team dynamics, research, communication, ethical analysis and report writing.
Approach to the assignment
You will need to form project teams of 3-4 students (wherever workshop numbers allow). All team members must be in the same SDW and, as far as possible, from diverse backgrounds. With your facilitator’s help, you should finalise membership of project teams during the SDW in Week 4.
Your team will write a ‘case study report’ that analyses the assigned case study using appropriate concepts and theories from the course in addition to other theories that are appropriate for the issue(s) identified in the case. Teams will also be required to undertake additional research about the company.
Our experience is that group work is mostly a very positive experience, particularly where groups have sufficient time and mutually agreed goals. You will have six weeks to work together on this assignment. While some of the SDWs will provide opportunities to work on the assignment, you will need to work on the group project both individually and together as a group outside of class time.
Your team is to work together on planning, researching, analysing, developing, writing, proofreading and editing your report ready for submission. You are also jointly responsible for allocating relevant tasks including research, logistical and organisational duties. All team members should have a similar level of involvement in the research process and in the organization and writing of team reports.
The teaching team expects each student to fulfil their team commitments. In cases where this does not occur, the remaining team members may request a reduced (or higher) grade for the assignment for the non-contributing (or especially hardworking) team member. This information provided in the Self and Peer Evaluation Process will be taken as part of the evidence required for an adjustment on final marks.
In the very rare cases where there are severe problems with teamwork, particularly where this involves the failure of a team member to carry out their responsibilities, then aggrieved team members should, at the first instance, see their SDW facilitator. Where this is, for any reason, difficult, you should contact the Lecturer in Charge. It is best, in these circumstances, to collect and provide documentary evidence such as emails or diary notes of commitments not fulfilled.
The Lecturer In Charge will be taking a very tough line with any student judged to have largely failed to fulfil their commitments to their team, unless we receive a timely, reasonable and documented excuse (medical or compassionate).
Case Study details:
The case study and background conceptual readings will be available via the course
Your group must source and demonstrate the use of a minimum of four (4) additional academic articles in addition to the course textbook, weekly extension readings and background conceptual readings for this assignment. Four academic articles must be source from the following list of journals:
Academy of Management Journal
Academy of Management Learning and Education
Academy of Management Perspectives
Academy of Management Review
Business Communication Quarterly
Cross Cultural Management
Group & Organization Management
Journal of Business Communication
Journal of Management Education
Journal of Management Information Systems
- Demonstrates knowledge, and understanding of context and case
- Critically analyses the issues and themes in the case study using appropriate
academic concepts, theories and research
- Proposes solution to the problem(s) based on sound evidence and concepts /
- Structures text logically and coherently
- Communicates clearly and concisely
- Presents text professionally and references sources accurately
ROLE OF LEADERSHIP, FINANCIAL ETHICS AND ESPONSIBILITY IN THE FINANCE INDUSTRY
The financial industry has a large impact on global development levels and thus, leaders in the industry are under a constant responsibility to uphold strong leadership skills. Due to the increasing role of leaders in such organizations, leadership styles and decisions are increasingly shaping the manner in which the industry is achieving its goals (towards global development). In this case study, Barclays Bank is clearly depicted as a global leader in the financial markets. For this reason, its leaders like Diamond, are granted the authority to influence the activities of influential financial organs like the London Inter-Bank Offered Rate (LIBOR). Although the large banks in the UK had the authority to influence the base reference rates that would influence the financial transactions in the financial markets, they were expected to operate within the allowable LIBOR standard rates. Such regulations ensure fair trading while maximizing market opportunities for all traders. Nonetheless, Barclays Bank, through its leader, Bob Diamond, takes responsibility for manipulating the rates and conducting transactions beyond the stipulated standards set by LIBOR and other UK and US regulators. Based on Diamond’s career progress, it is also evident that he may have been a greedy leader who only focused on selfish gains for himself and his company with limited regards to professional ethics. This study therefore begins by emphasizing the role of leadership to abide to their duties and uphold strong professional ethics through their preferred leadership styles. Barclays, just like other banks is also expected to operate within the acceptable standards. The second factor discussed is therefore the need for banks to respect business ethics as members of banking institutions and thus abide to the set regulations. Finally, the report emphasizes that companies have a responsibility to the societies in which they operate. This is part of the corporate social responsibility and has to be upheld towards ensuring people do not lose faith in these financial institutions. Barclays’s case was therefore characterized by lack of professional leadership that led to misconduct among the low level managers and this led to a sense of irresponsibility by the entire organization, thus the need for the institution to pay the fine. Such misconducts cannot go unnoticed since financial institutions are regulated for fair trade and customer protection. This report concludes by encouraging increased emphasis on leadership and business ethics in financial institutions as part of the corporate social responsibility in the industry for continued quality performance.
Financial markets have over the years been responsible for some of the main economic challenges seen since the first financial crisis. Although regulations have continued to protect traders across the globe, leaders in the sector are at times unable to remain objective to their mandate and this continues to affect the progress made in the sector (Roulet, 2015). Barclays Bank Group is one of the financial institutions, in the banking sector, that has in the recent times been penalized for failing to abide to industry regulations. Inasmuch as industry regulations are not aimed at punishing but controlling the extent to which traders can trade, measure have to be set to include penalties since some organizations tend to have more influence in the financial industry, than others. For instance, in the Barclays case study, the bank was considered one of the largest in terms of capital, revenues and investments, and thus was allowed to influence the reference rates of the London Inter-Bank Offered Rate (LIBOR). This would ordinarily be considered an opportunity to engage industrial best performers for the sake of improved competition and quality trading.
However, Bob Diamond, the CEO of Barclays Plc until 2012, misused this opportunity to set reference rates that only favored Barclays, allowing it to make huge profits and eliminate risks and other conditions that would have affected the company’s performance. Due to the strong financial monitoring and regulatory systems in the UK and the US, the bank was found guilty and was fined. According to Brown and Trevino (2006), such a case presents an opportunity to question the extent to which leadership ethics issues have been addressed by scholar and industries at large. According to Brown and Trevino (2006), there seems to be an increase in poor leadership ethics amidst the critical role of business leaders to accomplish their organizational roles. This report reviews this and other two critical issues emerging through the Barclays case study: Business ethics and corporate social responsibility. To address these issues effectively, it uses illustrations from other organizations in different industries to illustrate how strong leadership ethics can ensure good business ethics and improved corporate social responsibility for improved faith in financial institutions.
In conclusion, Barclays Plc failed in its responsibility as a financial institution when it opted to influence the LIBOR to its favor. This continued manipulation was also effected by the mid-level managers and some junior staff, illustrating the inability of the then leadership to ensure professional conduct and business ethics. For this reason, Bob Diamond, the then CEO of the organization bears the highest responsibility and therefore lacks professional and leadership ethics. The entire leadership of Barclays Plc, also failed in its role to uphold corporate social responsibility as it allowed its staff, including the CEO to manipulate industrial privileges. This caused reduced faith in the institution by its customers. For this reason, this report emphasizes the need to abide to the duties of leadership and professional ethics. Banks as members of financial institutions also abide by the ethics of financial institutions. Finally, companies should be responsible to society as this would increase the customers’ faith in the institutions. To achieve all these, there has to be continuous and consistent review of business and leadership ethics in financial institutions as part of the corporate social responsibility in the institutions.
Sewdas et al.’s (2017) study employed, there are very little room for generalizing the study’s findings.
Brown, M.E. and Treviño, L.K., 2006. Ethical leadership: A review and future directions. The leadership quarterly, 17(6), pp.595-616.
Roulet, T., 2015. “What good is Wall Street?” Institutional contradiction and the diffusion of the stigma over the finance industry. Journal of Business Ethics, 130(2), pp.389-402.