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Company Overview: The Case Of Wells Fargo

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In the case of Wells Fargo’s stated ethical values versus reality, it can only be stated that Wells Fargo was willing to “talk-the-talk;” however, it showed that the company was not ready to “walk-the-walk.” Though I am sure some very ethical employees were involved in the scandal in which Wells Fargo attempted to open over two million credit lines and bank accounts without the approval of the customers in which they fraudulently attempted to increase the value of the company, even the most ethical person can get caught up in the drive for ambition. This attempt to meet unachievable goals to earn personal bonuses, along with added peer pressure from coworkers, allowed Wells Fargo to place profits ahead of its morality. By doing so, this …show more content…
In an article from the Washington Post in October 2017, the company’s profits were reported to have fallen almost 19% which resulted in revenue falling 2% over the past year. In contrast, other banking institutions were showing a double-digit increase in profits over the same time period.
Wells Fargo chief executive Timothy Sloan said the bank is making progress in key areas, but he acknowledged its continuing struggles. "Over the past year, we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank," (Merle, 2017). One can assume that it will take several years for Wells Fargo to recover from their ethical debauchery. However, they will forever be known for their failure to conduct business in an ethical and moral …show more content…
C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases [9th edition]. Mason, OH: Cengage Learning. Retrieved from https://www.betheluniversityonline.net/cps.

Merle, Renae. "Wells Fargo's profits tumble as mega bank struggles to rebound from sales scandal." Washington Post, 13 Oct. 2017. Opposing Viewpoints in Context, link.galegroup.com/apps/doc/A509395076/OVIC?u=tel_a_bethelc&xid=4b0253a7. Accessed 12 Nov.

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