Corporate Social Responsibility

[Name of the Institute]

ABSTRACT

The esteem of United Kingdom's banking industry was greatly attenuated by the previously held financial crises which were a resultant of both capricious attitude of financial institutions and the accustomed exposition that immersed the financial sector. This disclaimer of industry was a cause of increased concealment of data and confidentiality actions. As a consequence the UK market is still trying to mitigate the negative impacts of implementing new policies for gaining back the trust of its clients and stakeholders. Corporate Social Responsibility is one major strategy brought up by the banking sector. According to this strategy the business policies suggested a long term incorporation of social sector in their workings. Due to the intimidating scenario which was caused by various financial institutions in disobedience for the newly arising and only consoling CSR policies against stakeholders' activities, this research was mainly conducted in the UK banking sector to assess the impacts of newly implemented CSR strategies before and after the crises. After a detailed study of cases from the previous examples and literature a procedure was implemented to fulfil the aim of the research which was to analyze the latency of CSR in the banking sector. The research and evaluation of CSR strategies were majorly carried out at the two largest banks of the United Kingdom, RBS and HSBC. The research concluded that the centrality and main objectives for acceptance of CSR strategies have modified greatly. Companies also acquired brand image and trust of partners by implementing these CSR strategies which were initially designed to improve organization's standards and fulfil government regulations. This research is brightened up by the addition of CSR role and the attraction of banking sector towards it apart from appraising the situations that were produced at the dawn of these financial crises.

CHAPTER 1: INTRODUCTION

The given study highlights and describes the impacts of Corporate Social Responsibility in United Kingdom banking industry prior and later to the financial crises in the country. This report specifically states the consequences of financial crises in the banking sector. Many tremendous financial structures prostrated as a result of the immature behaviour and laws which caused the global economies to suffer internationally.

Moreover, financial crises subsequently smeared the status of banking institutions. It is observed that the corporate social responsibility was assimilated in the country. Organizations are now adopting the strategy to mitigate the negative impacts of financial crises they faced recently. The variations in corporate social responsibility practices before and after the financial constraints were also observed during this study. A progressive way is used to present the research and it is categorized into different classes.

1.1 Background

The rising need and significance of corporate social responsibility was perceived when organizations like Lehman Brothers, a highly reputed business company started to decline. Huge companies and businesses today have realized the worth of achievements stakeholder's concern and the value of social accountabilities. This can lead to an improved competitive advantage and attain success in the long run. (Jill, 2007) This has ...