Wells Fargo Unethical Account On Business Practices

Wells Fargo Unethical Accounts Joshua Yascavage AMU BUSN311 Wells Fargo Unethical Accounts A business is created to make money, it may originally be made to help people, but in the end the pocket book of stockholders and owners is what managers focus on, and what employees are hired to do for the company. This means to do whatever it takes to make money, however, you need to stay with in the law and in many cases be socially ethical in business practices. When you fall out of these boundaries you will find yourself on the front page with your stocks dropping and a loss of profits you have been trying to increase. It is understandable that social ethics is not a companies sole priority, however, when you forget you have a†¦show more content†¦These employees scared to lose their job would open up these fake accounts to make numbers, the number of accounts that were opened were staggering. There were a few employees that saw this practice as unethical and did the right thing, calling the ethics hot line set up by the Bank, and sending emails explaining their issue w ith what was going on. Employers are not legally allowed to punish their employees who are whilst blowers. Wells Fargo did not take kindly to their employees blowing the whilst so they would fire them.(Egan 2016). Employment law, is one of the reasons Wells Fargo was sued by both employees and customers over this issue. Customers could sue the company for what its employees do, this is because employees are agents of the company.(Hasl-Kelchner 2014). When the employees took it upon themselves to start opening common accounts such as credit cards and checking accounts that would charge fees to the customers they were essentially stealing from these customers. Employees can sue based off multiple factors and in this case wrongful termination.(Hasl-Kelchner 2014). Firing the employees that filed ethical complaints was illegal. The law is set up to protect whilst blowers yet Wells Fargo had no problem finding other reasons to get rid of these employees. (Egan 2016). Had Wells Fargo used the value chain concept, created byShow MoreRelatedThe Ethics Of An Unethical Business Practice1370 Words   |  6 Pagesput the company in route to significant financial losses across the board, from boycotting clients, judge ordered reparations and ongoing sanctions that would change how their operations are implemented going forward. The results of an unethical business practice can only come forth if the head of the entity decides to turn a blind eye to what is happening within the organization. Dependent on the ethical stance of those leading the company, the concern for social responsibility will or will notRead MoreEthical Norms Of The Workplace Essay1727 Words   |  7 Pages There are times when an employee will disagree with decisions that are made by the management and executives of the company they work for, or even the actions of other employees. Most times, these decisions fall within ethical norms of business and society and employees abide by th e demands imposed upon them. However, there are times when an employee finds themselves in an ethical dilemma, unable to comply with these mandates and are forced to take actions that are in direct opposition of them.Read MoreWells Fargo : An International Banking Company Essay1571 Words   |  7 PagesWells Fargo is an international banking company that holds its headquarters in San Francisco, California. Many customers relied on the Wells Fargo banks and trusted them with their money because they were considered one of the better banks out there without many issues regarding fraud or scam. However, the trust of this bank soon ended when there was a fine against San Francisco employees for opening accounts and credit cards that may not have been approved by customers. The reasoning behind thisRead MoreCase Analysis : Wells Fargo1652 Words   |  7 PagesQuota to Make Those who act ethical finish last, or at least according to Wells Fargo they do. After Wells Fargo came clean and admitted to creating approximately 2 million fake accounts without their customers’ consent employees are now coming forward claiming they were retaliated against. Wells Fargo employees were given unrealistic sales targets and the only way to meet them was by engaging in improper sales practices. The objective was called the â€Å"gr-eight initiative† and called for employeesRead MoreWells Fargo s Ethical Violation1174 Words   |  5 PagesLast year, a sales scandal erupted at Wells Fargo when its employees were exploited for opening unauthorized accounts in order meet quotas. This ethical breach occurred because one manager, who went against regional executives, told her employees to boost sales at any and all costs. The root cause of Wells Fargo’s ethical failure was pressuring employees to meet excessive and unreachable performance goals (Carucci) . One of Wells Fargo’s primary values is ethics, where â€Å"honesty, trust, and integrityRead MoreWells Fargo, The World s Most Valuable Retail Bank Essay1130 Words   |  5 PagesWells Fargo, the world’s most valuable retail bank, has been fined to pay $185 million dollars after the exposure of schemes that defrauded customers in line with a business model, organized from the highest levels of the company, to boost its profits and growth (Beams). According to the US Consumer Financial Protection Bureau (CFPB), the bank opened 1.5 million store records and more than a large portion of a million accounts without clients authorization. Bankers moved assets from clients recordsRead MoreWells Fargo : An Investigation1089 Words   |  5 Pages Since 2011, Wells Fargo employees across the United States have been opening millions of fraudulent accounts in their customer’s names. (Egan, Matt) Combine the credit accounts with the deposit accounts you get about 2.1 million fake accounts of which 100,000 incurred fees totaling 2.4 million dollars. (Levine, Matt) Through multiple customers filing complaints and Wells Fargo â€Å"whistleblowers† the fraudulent accounts were brought to light and Wells Fargo was taken to court in Los Angeles by theRead MoreWells Fargo And Organizational Culture Change1503 Words   |  7 PagesWells Fargo and Organizational Culture Change Wells Fargo, a Fortune 1000 company faced allegations of fraud and unethical behavior. in respect to organizational culture. Every organization is impacted by the cultural environment within the organization as well as in a specific industry which can impact the efficiency and effectiveness of the organization. This report begins by identifying the organization, Wells Fargo, by giving a brief history of the organization that was â€Å"founded by WilliamRead MoreCompany Analysis : Wells Fargo Essay1390 Words   |  6 PagesUnited States. Wells Fargo through it Retail Banking locations, offer its customers access to the full array of financial services, including banking, insurance, investments, mortgage, and consumer finance. Among the products and services offered by its Retail Banking locations. Like many retail banks it offers a great variety of checking and savings accounts; CDs; ATM, debit and prepaid products; Online Banking and Bill Pay; and remittance products. The complete product offering at Wells includes theRead MoreWells Fargo And Organizational Culture Change1545 Words   |  7 PagesWells Fargo and Organizational Culture Change This report takes a look at the Fortune 1000 company Wells Fargo in respect to organizational culture. Every organization is impacted by the cultural environment within the organization as well as in a specific industry which can impact the efficiency and effectiveness of the organization. This report begins by identifying the organization, Wells Fargo, by giving a brief history of the organization that was â€Å"founded by William George Fargo (1818-81)