White-Collar Crime: Wells Fargo: The Consequences Of Concentlar Crime

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White-collar crime, according to Merriam-Webster, refers to, “a crime that typically involves stealing money from a company and that is done by the people who have important positions in the company”. In modern society, white-collar crime may not be as obvious as violent crime, but its consequences leave major impacts on the world, particularly financially. Beginning in 2002, Wells Fargo began transforming into one of the largest criminal enterprises in history. Over the past 15 years, this powerful bank’s employees have been wrongfully using their customers to make personal gains. Wells Fargo, named the world’s most valuable bank until 2016, committed one of the worst and most infamous white-collar crimes in American history. Wells Fargo …show more content…
They first started by enforcing aggressive sales goals that employees struggled meeting. Branch managers ordered their employees to sell a minimum of eight accounts to every customer. A decade earlier, branch managers needed their employees to sell only a minimum of three accounts. Employees who reached the sales targets received bonuses. The problem with giving the bonuses was that to achieve their sales targets, employees cheated. This led to millions of fake bank accounts that employees created to meet their quota and receive …show more content…
When a person goes and speaks to an individual about ethics, the rules will resonate with the employees in a more convincing way, rather than watching them online. This helps the individual absorb rules and policies in a more cooperative, understanding way. With the improvement of policies and practices, this will shape Wells Fargo back to its once, former glory.
Many white-collar crimes occurred in the past and today, but not all of them compare to the Wells Fargo case. In a large company like Wells Fargo, checking employees every so often to ensure that they are fulfilling the quality and legality of their position is vital. Success of a company depends on the honesty and dedication put into it by its employees. Wells Fargo not only violated moral values, but also American laws. This white-collar crime will never be forgotten in American history if business values, laws, and policies continue to remain

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