Blog Overview
Unlike the prior four blogs, this one will not be focused on research with the case. Instead, it will serve as a comprehensive overview of what is believed to be the best course of action for JPMorgan moving forward, and the reasoning for each solution.
Analyzing the Current State
Looking at the situation with JPMorgan Chase, it is evident that the company did the bare minimum to appease society, instead focusing their efforts on saving face to later rebound from the issue. With that said, though, there is one aspect that can stay: the settlement. The money not only serves to aid those affected by JPMorgan Chase’s acts, but showcases that at least on some level there is an admittance of guilt. From that point forward, the possible solutions branch down two different paths that will be discussed below.
Solution #1 – The Deontological Framework Approach
This solution is based upon the deontological “duty” framework. As such, the approach will focus on the duty and obligations of JPMorgan and not what they want to do, but what they must do.
With the money provided and the case closed, the company must now commit itself to a rigorous screening process with all clients in every sphere of influence. The Jeffrey Epstein connection was completely their fault, and it is their responsibility to properly evaluate each client and rid of them if the need arises. They cannot continue to choose greed over ethics.
In addition to that, it is JPMorgan’s duty to make said measures known to the public, providing evidence that they are making the implementations that were promised in the court case. This is the only way that the company could fulfill its obligation to the public, allowing the average consumer and member of society to know there are no issues behind closed doors.
Overall, this solution is founded on the ideals of transparency and action, both of which would need to occur immediately.
Solution #2 – The Virtue Framework Approach
This court case—among many others—showcases that JPMorgan Chase has not been working in alignment with its corporate virtues. To remedy this and begin to align themselves with virtue, they must have a hand in all restitutions with the issue.
In addition to providing the funding, JPMorgan Chase must actively work with the charities and affected groups to put the money to good use. Provide the facilities for growth, put on events to aid those in need, and supply the resources needed to better the area’s infrastructure to work against this sort of crime.
Furthermore, virtue would call for the need to apologize and admit all of the liability they had in the crimes committed by Jeffrey Epstein. At this point there is a near-universal sentiment, with evidence mind you, that showcases JPMorgan Chase’s monetary facilitation of the money utilized during his criminal years. To begin to heal the wounds of those involved, there cannot be any cards left in either party’s hand. The air must be cleared, as that is the only way JPMorgan Chase will be truly accepted; acceptance that is needed to have the opportunity to fix their errors in the first place.
The Overarching Answer
In order to discuss what would be best for JPMorgan Chase, it is sensible to begin with comparing the two different solutions.
In terms of similarities, the two solutions essentially offer a way for JPMorgan to truly win the favor of the public once again and fulfill their obligations/responsibilities to themselves and others. This is an essential requirement of any solution, of course, as those are the exact needs that are left out with the current solution chosen by the company.
On the other hand, though, they are different in terms of their delivery. See, the deontological framework approach focuses on what the company can do internally to amend for its errors, while the virtuous framework focuses on the external parties and aiding them instead.
Luckily, though, with such a vast company there is enough bandwidth in terms of resources and expertise that there is no need to choose. With the given circumstances, it is evident that JPMorgan Chase lacks in both its obligations and its virtue, and this is the perfect opportunity for the company to grow through this problem. After all, it clearly owes it to itself and those it harmed.
In Summary
With all that has been laid out about the case, there is no question as to what had occurred, as well as where JPMorgan Chase has caused issues. The focus of this blog was to bring the company back to the proper path, and set the “ethical record” straight for everyone involved. As the author, I hope that these words may work to help the situation in some manner, inspiring action that would have otherwise not been taken.
Jeremy LaValley 