This thesis aims to explore the impacts of ethical leadership on major work outcomes of employees working in Macao. Building on ethical leadership theory and social exchange theory, I propose a conceptual model linking ethical leadership, organizational social exchange, and several employee outcomes including job satisfaction, affective commitment, employee silence, and intention to leave. The model was tested by a 2-phase questionnaire survey with data collected from 176 employees working in various departments of Bank of China, Macao Branch (BOC). Results showed that ethical leadership was positively related to organizational social exchange, and organizational social exchange mediated its effects on employees’ affective commitment and intention to leave. Discussion was made on the study’s findings as well as its implications. Several practical recommendations were suggested to BOC in order to strengthen the ethical standard and promote positive employee outcomes through ethical leadership.