International Business – Article Summary by Emily Flitter
International business is the process by which two or more countries come together for multinational enterprises. The main aim of international business is to find the methodology of good markets, services, and goods in member countries. The movement of products and services from one state to another, importing and exporting, is the order of international business.
An article by Emily Flitter in New York Times discusses the process by which Credit Suisse Bank is paying a fine worth 77million US Dollars. The bank is paying to the Justice Department and the Securities Exchange Commission following the allegation that the firm hired families’ members from China.
The prosecutors have revealed that the bank managers admitted they employed Chinese government officials. The deal behind was that, in return, the bank would pay them well. Later the bank realized the mess of corruptions means, but Wall Street firm had already run afoul of Chinese practices of hiring.
Evidence in the court shows that there was an argument among the bank managers over how to conduct interviews with the new staff. Later the well-networked employees received a hiring letter, and they had special treatment without performance checks. Credit Suisse is the most recent bank in China to find itself in troubles over politically connected employment.
In 2016 JPMorgan Chase was fined 264millions US Dollars after increasing some employees’ revenue. In a statement to the press, the US attorney general affirms the fact that his office is sleepless on holding corrupt companies. Nicole Sharp in a statement says that Credit Suisse had complied with bank processes in Hong Kong China. (Flitter, 2018)
The relationship between Credit Suisse Bank and International Business
Since Credit Suisse is a Switzerland based bank, it has a branch in China. The extension of bank services from Switzerland to China is enough evidence that it is an international business. In particular, Credit Suisse has four international Business transactional namely; foreign exchange business, success abroad with an active partner, export finance and trade finance.
On success abroad with a reliable partner, Credit Suisse is entitled to a successful international business. This strong partner guarantees the customer across the world the access to the global network and broad business knowledge. By doing these, customers gain a safe and maintainable international markets base. Credit Suisse, therefore, assist their global customers with the entire process of International business.
The foreign exchange business is another channel for international trade. Credit Suisse offers foreign exchange across the globe as well as answering all currency related queries. The benefit that arises from partnering with Credit Suisse is full proven range solution from fluctuating rates, great expertise knowledge of foreign exchange and online marking solutions.
Through trade finance, good and services bought and sold have guaranteed payments. The payment is ensured by a range of fundamental mechanisms such as trade protection, seminars for trade finance and surety bonds. The fee is secured with the support of nation information where they contact the local banks.
The main problem that exists in Credit Suisse is the issue of employment. The critical decision to tackle this issue is to employ qualified, genuine and experienced staffs. The responsible decision makers are managers since their role is the day to day activities. For my case, all decisions would have passed the panel of who validate or not validate the ideas to final decisions.