Explain why this is an Ethic and decision Making Citi CEO says employees broke t

Question

Explain why this is an Ethic and decision Making

Citi CEO says employees broke the rules
FORTUNE — Citigroup appears to have evidence of wrongdoing at the bank.
On Friday, Citi (c, +2.90%) released a memo that CEO Michael Corbat sent to his staff two weeks ago saying he has knowledge of instances in which a number of the bank’s employees have “violated our Code of Conduct and disrespected our values.”
Corbat didn’t say specifically what activity he was referring to, how many employees at the bank were involved, or when it occurred. He just said that bank officials had uncovered the bad behavior over the past 16 months. Corbat said the activity was an ethical violation, but it wasn’t clear whether Citi had determined if its employees have broken the law. Corbat said if the situation warrants, the bank would refer the case to the proper authorities.
Citi released the memo on the same day that it had to restate its earnings due to a fraud that occurred at a company it lent money to in Mexico. The bank said an employee of its Mexican unit known as Banamex was involved in processing fraudulent documents that led to the bad loans. Citi said it is investigating and that it is working with Mexican authorities. In its most recent financial filing, Citigroup said it was being investigated by the civil division of the Department of Justice in connection with sales of mortgage bonds.
Still, it’s unusual for a bank’s CEO to admit wrongdoing before it has been officially charged.
Explain why this is an Ethic and decision Making

Citi CEO says employees broke the rules
FORTUNE — Citigroup appears to have evidence of wrongdoing at the bank.
On Friday, Citi (c, +2.90%) released a memo that CEO Michael Corbat sent to his staff two weeks ago saying he has knowledge of instances in which a number of the bank’s employees have “violated our Code of Conduct and disrespected our values.”
Corbat didn’t say specifically what activity he was referring to, how many employees at the bank were involved, or when it occurred. He just said that bank officials had uncovered the bad behavior over the past 16 months. Corbat said the activity was an ethical violation, but it wasn’t clear whether Citi had determined if its employees have broken the law. Corbat said if the situation warrants, the bank would refer the case to the proper authorities.
Citi released the memo on the same day that it had to restate its earnings due to a fraud that occurred at a company it lent money to in Mexico. The bank said an employee of its Mexican unit known as Banamex was involved in processing fraudulent documents that led to the bad loans. Citi said it is investigating and that it is working with Mexican authorities. In its most recent financial filing, Citigroup said it was being investigated by the civil division of the Department of Justice in connection with sales of mortgage bonds.
Still, it’s unusual for a bank’s CEO to admit wrongdoing before it has been officially charged.
Explain why this is an Ethic and decision Making

Citi CEO says employees broke the rules
FORTUNE — Citigroup appears to have evidence of wrongdoing at the bank.
On Friday, Citi (c, +2.90%) released a memo that CEO Michael Corbat sent to his staff two weeks ago saying he has knowledge of instances in which a number of the bank’s employees have “violated our Code of Conduct and disrespected our values.”
Corbat didn’t say specifically what activity he was referring to, how many employees at the bank were involved, or when it occurred. He just said that bank officials had uncovered the bad behavior over the past 16 months. Corbat said the activity was an ethical violation, but it wasn’t clear whether Citi had determined if its employees have broken the law. Corbat said if the situation warrants, the bank would refer the case to the proper authorities.
Citi released the memo on the same day that it had to restate its earnings due to a fraud that occurred at a company it lent money to in Mexico. The bank said an employee of its Mexican unit known as Banamex was involved in processing fraudulent documents that led to the bad loans. Citi said it is investigating and that it is working with Mexican authorities. In its most recent financial filing, Citigroup said it was being investigated by the civil division of the Department of Justice in connection with sales of mortgage bonds.
Still, it’s unusual for a bank’s CEO to admit wrongdoing before it has been officially charged.

Explanation / Answer

Hello!

As I read through the above article and reference it's convincing me that the CEO is so vocal and honest beacaue he seems to follow his ethical instincts a lot and that he has previously some his research and investigation and is not waiting for anyone else or the media to give an insight into the issue , he seems to care about the people and the money and he wants for the bank , him and his employees to come out clean and also does not want to hurt the customers too and he might have considered all these and many more factors before making the decision and then came up with the decision.

Thankyou, hope this helped

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.